Dear sir
please suggest account entries
We have paid Rs.20 Lac for purchase of innova four wheeler for busniss purpose for example
invoice value 1881000/-
insurance charges 71000/_
registration certificate 48000
please suggest entries
Motor car a/c fixed asset
Prepaid insurance a/c current asset
Registration expense (included in car- fixed asset)
To Bank a/c
Forgot to mention that transaction can be done in journal voucher directly. Or use the purchase voucher
Fixed Asset a/c+ registration fee
Sgst
Prepaid a/c
To Creditor a/c
then make the payments from payments voucher
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
