CST 1%

Sir, my firm purchase a car of Rs.500000/- from xyz automobiles, a part of payment Rs.260000/- we paid by cash/cheque to dealer, & remaining amount Rs.240000/- is financed from PNB(Our Bank). Please tell me the entries of purchase of car, payemtn to dealer cash or other relevant entries. & also tell me in which manner we post these entries means journal/payment/contra/purchase.

please suggest me what will i do

The entries

Motor Vehicle (Fixed Asset)  Dr. 5,00,000

  To Bank A/c                            Cr. 2,60,000

  To PNB Loan A/c                   Cr. 2, 40,000

This entry will come either Fixed Asset Journal (if you creating special journal) or Bank Payment entry.

sir i cant understand please teach me briefly,  firstly tell me the entries of

Purchase of car (Purchase or Journal)

Payment entry of Rs. 260000/- by bank (Payment or Journal)

Remaining  payment of Rs. 240000/- through bank finance from AXIS

Monthly payment of Installment to bank with interest (payment or contra)

Please solve this problem briefly

@ sudhansu

why don't you start a new thread, there is a discussion going on about CST.

plz