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
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
CAclubindia
