Vehicle bought on EMI

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Kochi Articles (Querist)
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27 July 2024 Where will be the balance amount payable on vehicle purchased for EMI be shown in the financials of a company?

Gokul Sharma

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27 July 2024 EXCESS AMT PAID WILL BE CHARGED IN FINANCE COST.

Kochi Articles

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28 July 2024 For example, I purchased a vehicle worth Rs.50,00,000 by paying a downpayment of Rs10,00,000. The balance is EMI of Rs.55,000 per month (principal only). Two installments are paid as on 31.03.2024. Where should the balance amount of Rs.38,90,00 be shown in my balance sheet. Under which head- Other payables under other current liabilities or Long term borrowings under Non current liabilities.

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