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Advance EMI Entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 January 2011 We have purchased a Car on Loan of Rs 14 lakh. The lender has disbursed Rs 13,77,471/- after deducting 1 adv EMI of Rs 22,529. What should be the treatment in books. Please reply with the help of Example

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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
30 January 2011 Bank A/c dr. 1377471
To Car loan A/c 1377471
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 January 2011 But what about the advance EMI?
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
30 January 2011 Car loan a/c dr xxxx(Full amount)
advance paid to car dealer Cr xxxxx
to loan account xxxx(Balace amount)

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