Entry for life tax paid for car
This query is : Resolved
28 March 2013
We have purchase a car. We have paid life tax for the car for Rs.196640-00. What is the entry for the above. I made the entry like this - is it correct or not please inform us.
Insurance A/c Dr - 54612-00
Other Exp A/c(Life Tax) Dr - 196640-00
Car A/c(Invoice Value)Dr - 1402742-00
Vehicle Maintenance A/c(other parts)Dr-26427-00
IDBI Bank A/c Cr - 480421-00
SFL Finance A/c Cr - 1200000-00
Kindly confirm the above entry is correct or not.
Insurance A/c Dr - 54612-00
Other Exp A/c(Life Tax) Dr - 196640-00
Car A/c(Invoice Value)Dr - 1402742-00
Vehicle Maintenance A/c(other parts)Dr-26427-00
IDBI Bank A/c Cr - 480421-00
SFL Finance A/c Cr - 1200000-00
Kindly confirm the above entry is correct or not.
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