Interested to Buy Any Domain ? << Click Here >> for more details...
I need to know when you buy a asset on credit and your
monthly instalment is $10000 in the books where and how do
you record the outstanding liability the interest and the
capital instalments.Secondly the deposit that you receive
which you should still send back to the tenat where in the
books do you record for entry and the contra entry.
- 1 Answers
- 3843 Views
- I also Faced
- E-Mail Answers
Answer / h.r. sreepada bhagi
When an asset is bought on hire purchase or installment and
it becomes the asset of the buying enterprise, Debit the
asset A/c and Credit the Supplier's (Creditor) A/c. Whenever
installment is paid, Debit the principal portion to
Supplier's A/c and interest portion to Interest Charges A/c
or any other a/c suitably named under the head Finance
Expenses or Financial Charges.
From the 2nd part I assume that you want to know how the
Security Deposit received from the tenant needs to be
accounted in the books of the landlord.
On receipt of deposit money, Credit Security Deposit
Received A/c (Under Current Liabilities & Provisions head)
and Debit Bank/Cash A/c.
When the money is refunded on termination of the lease, pass
reverse entry.
| Is This Answer Correct ? | 1 Yes | 0 No |
What is consignment cycle.?Explain the steps involved in the Consignmet..?
what is the differece between salary and remuneration?
wHAT IS DIFFERANCE BETWEEN RETAIL INVOICE & CASH MEMO?
Can you please explain the difference between differentiate between consignor and consignee?
How do you build a successful business relationship?
what is o2c and cycle
HI I AM WORKING IN A INTERIOR DESIGNING COMPANY.WE ACTUALLY GET PROJECTS FROM CLIENTS & WE SUBCONTRACT THE WORK WE USUALLY SUBCONTRACTS THE SUPPLY OF LABOUR & SUPPLY OF MATEIALS TO SUBCONTRACTORS.WE DONT HAVE LABOURS OF OUR OWN & ALSO PRODUCTION OF MATERIALS.HOW CAN I TREAT THIS IN TALLY IS THERE ANY OPTION AVAILABLE IN TALLY FOR SUBCONTRACTING OR SHALL I ENTER THE NAME OF SUBCONTRACTORS AS SUNDRY CREDITORS AS WE DO USUALLY IN TALLY.PLEASE DO LET ME KNOW ABOUT THIS 0554125475 IS MY NUMBER
Goods destroy by fire-journal entry?
What are the rules of Account?
Whether Depreciation to be posted in debit side or credit side?
When their is one pick point and four unloading places with in same district their is need to write four number of way biils
My question is that can i taken input credit of service tax of telephone bill & courier bill & labour contractore bills in exemption Area.
Audit 
