car loan entry

CMA. Rakesh Kataria (Practising Cost Accountant)   (531 Points)

21 March 2011  

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.