On sale of a vehicle registration and insurance (if customer opts) is collected by the dealer.Till it is paid to the Insurance company and the DTO is a liabilty for the dealer and should be shown under current liability. Kindly suggest how the entry for the registration and insurance can be passed while passing the sales entry.
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Insurance/registration entry on sale of vehicle
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Debit all expenses and Credit all receivers if case of Creditors/Debtors. If any cheque/cash is paid, credit Bank/Cash a/c
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