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 )
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
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
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.
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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