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hello friends i like to know journal entry for one loan
transaction ie if you purchase a car for EMI with initial payment
how to make first entry & monthly entry any thing is there? pls
reply to me.
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Answer / jitu
if you are a sole proprietor and not selling the cars car
is your asset so your first entry should be car account
debit and creditor from whom u purchase car account
credited and cash account credited for initial payment.
after that creditors name is debited every month and your
bank from which you are getting emi is credited.
| Is This Answer Correct ? | 13 Yes | 0 No |
Answer / sanjay kumar
entry would be
Car account Dr.
cash/bank cr.
car loan a/c cr.
on monthly payments...
Car loan EMI a/c dr
cash/bank cr.
@ end of the one year you can deduct the amount of Emi to
loan
car loan dr,
car loan EMI cr.
| Is This Answer Correct ? | 9 Yes | 5 No |
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