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.
Answers were Sorted based on User's Feedback
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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