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Car loan voucher

NITESH KUMAR (ACCOUNT ASSITENT) (72 Points)

25 December 2016

Sir i Bought a toyta car from toyta showroom in loan car cost is included all taxes 17,93,935/- i have paid down payment = 3,35,920 loan period is 5 years My monthly Installment is 31328/- per month. please tell me step by step how i will post this entries.

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ankita gandhi (student) (5908 Points)
Replied 25 December 2016

If u have purchased car for business purpose then u can take input tax credit of taxes on car.
Entries to be passed are :
Car A/c ....dr. 1793935
To cash/ bank. 335920
To car loan 1458015

When u pay installments
Bank A/c ... dr 31328
To car loan .... 31328

NITESH KUMAR (ACCOUNT ASSITENT) (72 Points)
Replied 28 December 2016

thanks mam for solution, mam one more thing please tell me we have 2 firm in delhi & haryana

this car bought for Haryana Firm Purpose and its payments & Loans made by delhi Firm Bank A/c.

then how these entry passed in Both Firms.

please me give Soloution

Thanks

NITESH KUMAR (ACCOUNT ASSITENT) (72 Points)
Replied 28 December 2016

Originally posted by : NITESH KUMAR
	Sir i Bought a toyta car from toyta showroom in loan car cost is included all taxes 17,93,935/- i have paid down payment = 3,35,920 loan period is 5 years My monthly Installment is 31328/- per month. please tell me step by step how i will post this entries.