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How to treat principal and intrest of car/bike loan emi

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(Querist)
27 April 2009 I would like to know accounting treatment of principal and intrest amount of emi of car or bike loan purchased by company.

Thanx

I need it urgent
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
27 April 2009 Interest will be debtied to profit and loss account and principle will be debited to loan account.
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taxindiaconnect

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taxindiaconnect (Expert)
27 April 2009 The treatment differs on the basis of operting lease or finalcial lease. Please speacify the query and also refere AS 19.
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