Hire Purchase
This query is : Resolved
18 June 2010
1.In case of a listed company how we have to account the purchase of assets in Hire Purchase System? Please provide me the journal entry too.
2. How to go about Depreciation in case of Hire purchased Assets.
3. Should we have to created any Charge in the Register of Companies?
With regards,
Rajesh.
2. How to go about Depreciation in case of Hire purchased Assets.
3. Should we have to created any Charge in the Register of Companies?
With regards,
Rajesh.
19 June 2010
Entry for purchase of asset will be
Asset A/c..............Dr.
To Cash/ Bank A/c (Down Payment)
To Hire Vendor A/c (Cr. Part)
Dep. to be provided on Cash Value part only. (I.e. HP Price - Interest Component)
Asset A/c..............Dr.
To Cash/ Bank A/c (Down Payment)
To Hire Vendor A/c (Cr. Part)
Dep. to be provided on Cash Value part only. (I.e. HP Price - Interest Component)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
