my company has purchased car invoice amt Rs. 5,96,499.81 dt.03.05.2011. Rs. 50,000/- paid as advance on 18.12.2010 by cheque. Bank has paid 5,27,100/- as dd. Again bank has paid Rs. 85,166/-(PSI). Plz. Plz. say how can i entry.
Thanking you.
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car loan entry
Replies (3)
for advance paid
party ac- - - -- - - - - - -- - - -dr.
to bank ac.
(being advance for car)
car ac- - --- - - - -- - - - - - - - - dr.
to party ac. ( advance utilized)
to bank loan ac.
For advance payment:
Party a/c Dr. 50000
To bank 50000
Car a/c Dr.596499.8
To bank 596499.8
Excess amount of Rs. 65766 shall be lying as a debit amount
Amount receivable a/c Dr. 65766
To party 65766
Total amt paid by u = 662266 and invoice amt is 596500 /-
so assuming excess paid for other charges i.e rc charges, tmp no etc
so all of exp will be capitalised
1) party Dr 50000
To Bank 50000
2) Car 662266
TO Party 662266
3) Party 527100
to bank 527100
4) Pary 85166
to Bank 85166
if any wrong pls correct me
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