A co. has bought a car as their asset this year on loan.I m getting problem how to make entries in the tally to show the effect on loan a/c & Interest on loan a/c.
Car value- Rs.1910000
Down payment- Rs.605000
EMI- Rs.47477 for 36 months
Interest- 9.25% p.a
Pls. guide me with proper entries for current year & when making entries for EMIs from next year.