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Loan
SIR
I PURCAHSED A TWO WHEELER FROM BANK OF MAHARASHTRA. LOAN SACTIONED BY BANK WAS 48000. RS. 16000/- DEDUCTED FROM MY CURRENT ACCOUNT. I AM PAYING RS.4000/- MONTHLY INSTALLMENT. KINDLY LET ME KNOW HOW SHOULD I CREATE LEDGERS AND ACCOUNT THE SAME.
Replies (2)
Debit Vehicle account and credit Loan payable account with total value of vehicle Another entry will be when you make loan instalment wll be
Debit Loan payable account and credit Bank account with instalment amount.
THANKS SIR.
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