Entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2012 We have taken a car for loan basis. I want the entries to be made.

Car value - Rs.16,00,000-00
Down payment we have paid to showroom - Rs.4,00,000-00
Loan From Fiance Co - Rs.12,00,000-00

We have also paid processing fee Rs.14,000/- to Finance company and one installment of Rs.39000/-.
Please how I have to make the entries in the books of accounts. Please give individual entries and reply

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
Follow

26 December 2012 Car a/c Dr. 16 lac
To Bank 4 lac
To Loan 12 lac

Bank Chgs. Dr. 14000
To loan/bank 14000
(If paid, then bank, otherwise loan a/c)

Loan Dr.
Intt Dr.
To Bank 39000

(Both loan + intt = 39000)