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}
SKAA & Associates
New Delhi
CA Inter
View Details
VIKAS VERMA & CO
New Delhi
Others
View Details
Chirag N Shah & Associates
Mumbai
CA Inter
View Details
O P Bagla & Co LLP
New Delhi
CA Inter
View Details
CAclubindia
