Assets purchased under Hire-Purchase system were reflected at thr full value & the o/s Intalments payable have been included under Sundry Creditors.
Whats the correct a/c'ing treatment 4 this?
pls help.
Assets purchased under Hire-Purchase system were reflected at thr full value & the o/s Intalments payable have been included under Sundry Creditors.
Whats the correct a/c'ing treatment 4 this?
pls help.
The Entry now to make every year on payment of Instalment is -
Loan A/c Dr.
Interest On Loan A/c Dr.
To Bank A/c
Pls. Take the O/S Instalements under Secured Loan,if its secured or Unsecured Loan not under Creditors.
& Group Int. on loan under Expense.
Shyam Joshi & Associates
Pune
B.Com
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T R SOOD & CO
New Delhi
CA Inter
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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CAclubindia
