Dear Friends
How to Pass the Fixed asset entry
My query is ,, in our company we have brought new car on Loan
NOTE : The Car Value is 415000/-
1. How do i account that
2. we have paid 65000 downpayment
3 The Loan amount is 350000/-
4.EMI per month is 9750/-
5. EMI Duration is 48 Months
6. How to pass the entry for above query's
1) Bank A/C Dr. 3,50,000
To Loan A/c 3,50,000
2) Asset A/c Dr. 4,15,000
To Bank A/c 4,15,000
3) Loan A/c Dr. X
Interest A/c Dr. (9,750-X)
To Bank A/c 9,750
{Monthly Journal Entry}
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
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Goodwin Pumps India Pvt Ltd
Chengalpattu
CA Inter
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CCI
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CAclubindia
