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Assistant
362 Points Posted on 20 February 2021
Sir

We have purchased Car via bank loan.please suggest in tally which group create the ledger in Bank
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On 20 February 2021 at 21:24 Report
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Quick Summary
This discussion clarifies how to set up ledger groups in Tally for a car purchased via a bank loan. The consensus is to group the car under 'Fixed Assets' and the bank loan under 'Current Liabilities'. It's also noted that car insurance premiums should be expensed, not capitalised.

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"Do the Right Thing...!!!"
128157 Points Posted on 20 February 2021
Car - under fixed...
Loan - Current Liability...

Note : car purchased by company then it's under fixed asset
1 Reply
On 20 February 2021 at 21:51
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Chartered Accountant
24588 Points Posted on 21 February 2021
Agree with raja pm
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On 21 February 2021 at 06:30
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17269 Points Posted on 22 February 2021
Also entry

car insurance premium Dr
to bank

ins premium not to be capitalised.
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On 22 February 2021 at 11:16

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