About income tax fillling

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2014 I have a client. Who purchase new TATA ACE Tempo (With Loan). Tell me how its shown or whats an effects of these loan ( In Balance Sheet or Profit & Loss )

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 March 2014 1. The Tata Ace will be shown under Fixed Assets in the Balance Sheet.

The loan will be shown under Secured Loan

2. Entries

Purchase

Vehicle A/c Dr
To Bank Loan

Repayment
Bank Loan A/c Dr (Principal amount)
Interest on Loan A/c Dr
To Bank A/c

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 March 2014
loan rec from bank
bank a/c ....dr
to loan for tempo a/c

tempo purchased.
tempo a/c ...dr
to bank a/c
tempo in assets and loan in current liab if for less then 1 year else non current liabilities.

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