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My company has taken a car loan from HDFC Bank, Assume 7.5
lacs. but it disbursed after deducted adv emi. how to pass
the jv for that . Plz pass the entry
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Answer / dharmesh sati
Entry No. 1
Bank Account Debit & Loan Account Credit with full amount
of Loan.
Entry No. 2
Loan Account Debit (Principal part from EMI)
Interest Account Debit (Interest Part from EMI)
Bank Account Credit
| Is This Answer Correct ? | 68 Yes | 12 No |
Answer / satya prakash
Purchase Car:-
Car A/c Dr ( By Entire cost of Car )
To Party A/c Cr ( Party Name from we purchase Car )
Payment to Party:-
Party A/c Dr
Loan Processing Fee Dr
To HDFC Loan A/c Cr
EMI Paid to Bank:-
HDFC Bank Loan A/c Dr. ( Principal Amt. )
Interest On Loan A/c Dr. ( Indirect Exp. )
Bank or Cash A/c Cr.
| Is This Answer Correct ? | 43 Yes | 3 No |
Answer / khalid ansari
Car A/c Dr. (Entire Cost of the car - on the Asset side)
To Car Loan A/c.... Cr. (Loan amount taken from bank without interest amount payable )
To Bank A/c..... Cr. (Initial down payment made by your client out of his own funds)
When your client makes payment towards instalments Pass the following entry
Car Loan A/c .... Dr ( loan element / Principal amount repayment in the instalment) (effect on Liability side of the Balance sheet)
Interest on car loan A/c Dr. (Interest element in the instalment) (P/L A/c item )
To Bank A/c .. Cr. (Entire Instalment amount)
| Is This Answer Correct ? | 16 Yes | 3 No |
Answer / tej prakash sati
Dr. HDFC Vehicle Loan Account(Principal Amount of first EMI)
Dr. Interest in first EMI
Dr. Bank Account (Loan amount recived in bank)
Cr. HDFC Vehicle Loan Account.
| Is This Answer Correct ? | 17 Yes | 10 No |
According to the question put by Qayyum Loan was paid after
deducting one EMI. But dear D.S You passed it as amount
received in full. That is wrong. According to you First EMI
payment was made by us.According to me my answer is
Bank A/c Dr 7,40,000/-
HDFC A/c Dr 10,000/-(Assumed Rs 10000 as EMI)
To HDFC Loan A/c 7,50,000/-
(Being loan recived after first EMI adjustment)
| Is This Answer Correct ? | 8 Yes | 11 No |
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