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Car loan entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2015 what will be the entry for purchase of car on loan (amount deducted from company bank a/c). what will be entry in tally for car value, registration charges and insurance charges
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Basant Jajoo

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Basant Jajoo (Expert)
24 June 2015 Car Account (Asset - Car Value + Registration)
To Car Loan Account (Loan Amount)
To Bank Account (Down Payment)


For Insurance charges, charge to P&L.

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