ICICI

Extended warranty entry


Pranjal (Student CA IPC / IPCC)     24 December 2016

Pranjal
Student CA IPC / IPCC 
 23 likes  530 points

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HI,

Please suggest the accounting entry along with the groups under while the ledger needs to be created. We collect Extended Warranty from customers which needs to be paid to the manufacturer (Hyundai Motor India Ltd) against which the company provides the extened warranty. Moreover we have to keep a deposit under the Extended Warranty account with the company. At present we are passing the entry by debiting the customer account and crediting the extended warranty account while passing the due entry from the customer.

avater

Tally Gyan (MBA)     24 December 2016

Tally Gyan
MBA 
 26 likes  423 points

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Dear Pranjal,

Make the Ledger as per following details :

>> Extended Warranty Charges Received>>> Under in Indirect Income group
>>Hyundai Motor India Ltd>>>Under in Sundry Creditors
>>Customer>>> Under in Sundry Debtors
>>Extended. Warranty Chrgs. Paid>> Under in Indirect Exps. Group.

Thanks

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