Gold purchased for personal use.

Gold purchase is a asset and the net of EMI's you need to pay is your Liability.

As per your question it seems like you want to know the accounting entries?

if it is so, then for purchase

Gold a/c ....Dr

  To cash (DP)...cr

  To EMI Liability ... Cr

When you pay emi

   EMI liability...Dr

       To Cash

I hope i did not mis-interpret the question.

Comments and Suggestions are invited

yes

swapnil jain you are right. That gold is our asset and EMI is our actual liability. Therefore i agree with your accounting entries........

m @ rt!n

thanks swapnil for the entries.I pay EMI's every month.But the gold is purchased on credit card.I need to change cash to CC in this entry..

My actual idea is know where to keep the GOLD purchased by proprietor for personal use in tally(Under which Head).

Gold(jewellery Purchased & used for personal use)  Is not a fixed asset so the option is  ruled out.

Investments i  suppose,not sure...

can anbody tell me the proper head of account it should be placed in tally.

company owner purchase gold for personal use worth 1,50,000.00 then what will be the entry in company books