Whether i can pass entries for Truck Hire Charges Payable without any party name. Just crediting Truck Hire Charges Payable.
2 Replies
Sameer
(EXPERT)
(173 Points)
Replied 09 June 2012
it should br better to disclose the party name,bcoz the dept may ask further question on that
shankar
(CA, CS Final)
(243 Points)
Replied 09 June 2012
- Under Hire Purchase system the assets are subject to the ownership till the last instalment is paid .
- So its much better to disclose the actual owner (as creditor) of that assets in accounting entries instead of truck HP payable A/c.
Thanks
Shankar
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