Plz help

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91 Points Posted on 05 May 2016

How to journalise the following

  • Proprietors personal insurance paid through his business bank account
  • Rs15000/- paid to Water authority for obtaining water connection
  • Car Loan - Price of Car 8,30,000/-  Loan - 5,00,000/- Balance  amount should paid by cheque Insurance suppose 18000/- Road Tax 5500. suppose Monthly EMI- Rs.13,000/-. Interest on Loan Rs 5625/-
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On 05 May 2016 at 08:25 Report
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Management Consultant
997 Points Posted on 05 May 2016

1. First entry can be passed asdrawings from business capital

2. It needs to be booked as expenses & it is allowed as per IT act

3. All insurance, road taxes needs to be added to asset & pass the entry

https://www.accountingcoach.com/blog/recording-financed-asset

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On 05 May 2016 at 11:16

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