Car purchased RS.4000000 insurance for car is 100000 and road tax permit is 500000
what's the journal entry
9 Replies
ACA Sarita Laddha
(Practicing CA)
(1225 Points)
Replied 23 January 2019
first insurance paid will be capitalised as without insurance the asset cannot be ready to use
MOHAMMED IMRAN
(1020 Points)
Replied 23 January 2019
1. car insurance a/c. Dr. 5,00,000
(or insurance co. )
to Bank a/c. 5,00,000
2. road tax a/c. Dr 1,00,000
(or RTO)
to Bank a/c. 1,00,000
3. car a/c. Dr. 46,00,000
to Bank a/c. 40,00,000
to car insurance. 1,00,000
to road tax. 5,00,000
(or insurance co. )
to Bank a/c. 5,00,000
2. road tax a/c. Dr 1,00,000
(or RTO)
to Bank a/c. 1,00,000
3. car a/c. Dr. 46,00,000
to Bank a/c. 40,00,000
to car insurance. 1,00,000
to road tax. 5,00,000
kuldeep satyadev
(72 Points)
Replied 23 January 2019
if suppose that car has bought through the bank loan then what's the entry
MOHAMMED IMRAN
(1020 Points)
Replied 23 January 2019
for eg. if loan is taken from SBI
then one additional entry is required to passe
Bank a/c. Dr (loan amount)
to SBI (loan) a/c
then one additional entry is required to passe
Bank a/c. Dr (loan amount)
to SBI (loan) a/c
kuldeep satyadev
(72 Points)
Replied 23 January 2019
I took bank loan for purchase of car and I'm running business and we are using this car for business purposes c
cost of car is RS 4000000 insurance charges 100000 Rto is 500000
can u tell the journal entries
cost of car is RS 4000000 insurance charges 100000 Rto is 500000
can u tell the journal entries
MOHAMMED IMRAN
(1020 Points)
Replied 23 January 2019
1. bank a/c. Dr
to SBI ( lender bank) (loan) a/c
other 3 entries are same
# for further information please reply
to SBI ( lender bank) (loan) a/c
other 3 entries are same
# for further information please reply
Recent Topics
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
- How to reverse wrong transaction payment in phonep
- Issue with refund for person who has filed for rel
- How to take ITC for October 2024 GST Payment in PM
- How to refund a wrong transaction Phone Pe?
Related Threads
CAclubindia
