Sudhanshu
(Accounts)
(26 Points)
Replied 07 May 2012
Sir, my firm purchase a car of Rs.500000/- from xyz automobiles, a part of payment Rs.260000/- we paid by cash/cheque to dealer, & remaining amount Rs.240000/- is financed from PNB(Our Bank). Please tell me the entries of purchase of car, payemtn to dealer cash or other relevant entries. & also tell me in which manner we post these entries means journal/payment/contra/purchase.
please suggest me what will i do
Sunil Kumar G
(AGM Taxation)
(373 Points)
Replied 07 May 2012
The entries
Motor Vehicle (Fixed Asset) Dr. 5,00,000
To Bank A/c Cr. 2,60,000
To PNB Loan A/c Cr. 2, 40,000
This entry will come either Fixed Asset Journal (if you creating special journal) or Bank Payment entry.
Sudhanshu
(Accounts)
(26 Points)
Replied 07 May 2012
sir i cant understand please teach me briefly, firstly tell me the entries of
Purchase of car (Purchase or Journal)
Payment entry of Rs. 260000/- by bank (Payment or Journal)
Remaining payment of Rs. 240000/- through bank finance from AXIS
Monthly payment of Installment to bank with interest (payment or contra)
Please solve this problem briefly
CA Sonesh Kabra
(Practice)
(40 Points)
Replied 15 December 2016
@ sudhansu
why don't you start a new thread, there is a discussion going on about CST.
plz
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
