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292 Points Joined June 2011

What is the Journal entry for the following transaction

Car value - 13,00,000 (All inclusive)  Tax - 1,50,000  Insurance - 50000  Car Loan - 10,00,000  Advance paid for Car - 1,00,000 (Paid through Bank)

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On 01 September 2016 at 06:28 Report
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178 Points Joined March 2015
Dear sir,

The following entries will be passed

1. car a/c 13,00,000 Dr
To bank a/c 1,00,000
To party a/c 12,00,000

2. Bank a/c 10,00,000 Dr
To car loan a/c 10,00,000

regards,
Ajay
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On 01 September 2016 at 08:06


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