My. company purchased a car for Rs. 5719780, paid down payment by Rs.11,19,780 balance amount Rs. 46,00,000 by ICICI car loan.
ICICI paid to car company Rs. 46,00,000 and give loan statement showing ICICI deduct first instalment of Rs. 146826 upfront balance amount Rs. 44,53,174 by 35 installments.
Pl. advise the accounting entries of ICICI car loan.
Interest on Loan A/c Dr. Interest Amt.
to Bank A/c 146826/-
i agrre with sripal
1.When car purchase: journal voucher
Car(fixed asset) Dr (total car value)
To, showroom a/c(liabilities)(down paymnt)
To , icici car loan(secured loan) (loan amount)
2. When down paymnt: paymnt voucher
Showroom a/c dr...
To bank/ cash.
3. Emi to icici: journal vchr
Interst on loan a/c dr....
To, icici car loan accnt
4. Emi paymnt: pymnt vchr
Icici car loan dr...
To bank accnt
(When taking loan from banks you have to collect repaymnt schedule statemnt from bank).
Dear sir,
thank you but i have one dout sir if interet crosed the 10000/- in f.y TDS applicable sir what is the entry for that.
Car cost Rs1246008 and TCS Rs12460, on loan bases we have purchased how to pass the entries against TCS
in case we can not claim GST how to pass the vehicle purchase entry
Please tell as per invoice...
TDS mentioned or not in your loan agreement?
sir,
could u pls tell me the entry of tcs1% when we purchase car in the name of firm.
Lenders offer loans on both new as well as pre-owned cars. However, the interest rates are different for new and pre-owned cars. For the former, the rate is in the 9.25-13.75% range, whereas for the latter, it is between 12.50 and 17.50%.
Applying for a car loan is easier as it requires less documentation as compared to a home loan. Also, there is no additional collateral asked for as against in the case of the former. The loan itself is secured against the car. However, while buying a car, do not stretch your budget.
GST is not applicable on your EMI payments.
when Company A purchase a Car by loan, The Loan is in the name of Company B, B pays the emi later A payback to B the paid Amount. How to account this?
To record a car loan entry for Kotak Mahindra Bank, follow these steps:
Loan Sanction: Debit the "Car Loan Account" and credit the "Bank Account" with the loan amount disbursed by Kotak Mahindra Bank.
Interest Payment: Debit the "Interest Expense Account" and credit the "Car Loan Account" with the interest amount.
EMI Payment: Debit the "Car Loan Account" and credit the "Bank Account" for the EMI paid.
Ensure accurate records to reflect the outstanding loan and interest payments, maintaining clarity in your financial statements.
CAclubindia
