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Sir i Bought a toyta car from toyta showroom in loan car cost is included all taxes 17,93,935/-
i have paid down payment = 3,35,920
loan period is 5 years My monthly Installment is 31328/- per month.
please tell me step by step how i will post this entries.
Replies (4)
If u have purchased car for business purpose then u can take input tax credit of taxes on car.
Entries to be passed are :
Car A/c ....dr. 1793935
To cash/ bank. 335920
To car loan 1458015
When u pay installments
Bank A/c ... dr 31328
To car loan .... 31328
Entries to be passed are :
Car A/c ....dr. 1793935
To cash/ bank. 335920
To car loan 1458015
When u pay installments
Bank A/c ... dr 31328
To car loan .... 31328
thanks mam for solution, mam one more thing please tell me we have 2 firm in delhi & haryana
this car bought for Haryana Firm Purpose and its payments & Loans made by delhi Firm Bank A/c.
then how these entry passed in Both Firms.
please me give Soloution
Thanks
| Originally posted by : NITESH KUMAR | ||
 |
Sir i Bought a toyta car from toyta showroom in loan car cost is included all taxes 17,93,935/- i have paid down payment = 3,35,920 loan period is 5 years My monthly Installment is 31328/- per month. please tell me step by step how i will post this entries. |
 |
when you pay I st instalments the entry should be car loan a/c dr
to Bank/cash a/c
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