Asset purchase entry

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Querist : Anonymous

Querist : Anonymous (Querist)

21 January 2015 Dear all

please clearfy we has been purchase on car for montly installment how make entry in tally

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 January 2015 you need to make entry as follows:

car a/c.....dr full amount

to Bank a/c (amount paid till now)
to showroom owners shop name (balance payable)

and when u make payment entry everytime repeat this following entry:

showroom owners shop a/c debit...(amount paid as installment)
to bank a/c

note that depreciation to be charged on full amount but for year1 from date of purchase till 31.3 of next year

and from next year on full amount for whole year.