Plzzz help me its very very ver urgent vehicle purchased....

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junior accountant
59 Points Joined April 2011

Hello  Everyone,

Sir My Company  purchased  one vehicle @ 96000 from xyz automobiles, Downpayment is paid 20,000 . Everymonth vehicle instalment should pay 2800 SAR.   (Saudi Riyals) Everymonth depreciation charged 25%  So please help me what should be the journal entry for :

 

1) vehicle purchased

2) depreciation Every month

3) loan A/c Payment of Instalments

4) supplier a/c from where vehicle purchased

 

I shall be grateful If anybody answer my question its very urgent tomorrow i have to pass this journal entry plzzzzzzz

dear professionals my job is under danger. So please help meeeeeee

 

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On 22 July 2013 at 04:22 Report
Replies (2)
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CA
169 Points Joined October 2008

According to me

Vehicle A/c   Dr. 96000

  To Suppliers Account   96000

Depreciation A/c Dr 2000
   To Vehicle A/c             2000

Suppliers Account Dr (Try to get bifurcation here) 2800

Interest on hire purchase A/c

     To Cash/Bank A/c                              2800

 

 

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On 22 July 2013 at 07:28
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SENIOR ACCOUNTANT
36 Points Joined January 2012
Originally posted by : mjdf13

J.V.         :       Dr  Vehicle Purchase A/c               96000/-

                                       Cr  Supplier A/c                                 96000/-

 

Payment :      Dr  Supplier A/c                                 20000/-

                                        Cr  Cash/Bank A/c                            20000/-

 

Payment :      Dr  Supplier A/c                                 76000/-

                                         Cr  Vehicle Loan A/c                        76000/-

 

J.V.          :        Dr  Depreciation A/c                       2000/-

                                          Cr  Vehicle Purchase A/c               2000/-

 

Payment :       Dr  Vehicle Loan A/c          _____(Bifurcation required)            

                         Dr  Interest A/c                  _____

                                           Cr  Cash/Bank A/c                          2800/-


 

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On 22 July 2013 at 12:32

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