Fixed asset

A/c entries 539 views 1 replies

Finance Professional

53 Points Joined November 2012

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

Replies (1)

Chartered Accountant

3652 Points Joined September 2008

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}

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