What is the Journal entry for the following transaction
Car value - 13,00,000 (All inclusive) Tax - 1,50,000 Insurance - 50000 Car Loan - 10,00,000 Advance paid for Car - 1,00,000 (Paid through Bank)
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Dear sir,
The following entries will be passed
1. car a/c 13,00,000 Dr
To bank a/c 1,00,000
To party a/c 12,00,000
2. Bank a/c 10,00,000 Dr
To car loan a/c 10,00,000
regards,
Ajay
The following entries will be passed
1. car a/c 13,00,000 Dr
To bank a/c 1,00,000
To party a/c 12,00,000
2. Bank a/c 10,00,000 Dr
To car loan a/c 10,00,000
regards,
Ajay
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