you purchase a machinary on a loan what is the joury entry
for that and where will you show the the loan amount in
balance sheet and show the ledger account?
Answers were Sorted based on User's Feedback
First Part Answer........
Machinery A/c Dr. 10000.00
To Loan A/c 10000.00
Second Part Answer...........
If Loan Received from Bank than its show in secured Loan
Account under the liability Head.
If Loan Received from any friend or Family member than its
show in Unsecured Loan under the Liability Head......
Correct me if m Wrong......
Is This Answer Correct ? | 19 Yes | 1 No |
Answer / d. k. gupta
Machinery A/c Dr
To Loan A/c (who is issue Loan e.g. Bank Loan A/c
or,Ind,Partyname)
for ledger creation of Loan A.c under the group of Loans
Liability or secured loan or unsecured loan who is ur a/c
group select from them.
if u purchase machine on loan and payment as instalment
then u passed entry every month and any agreement of payment
you passed entry in books
Loans A/c Dr (Machinery Loan A/c)
To Bank or Cash A/c
(chq no-xxxx Being the cheque issue to Bank towards payment
of Machinery loan)
Is This Answer Correct ? | 4 Yes | 0 No |
WHAT IS THE DIFFERENCE BETWEEN RESERVE CAPITAL AND CAPITAL RESERVE?
what happens to each of the three financial statements when working capital increases?
Please explain a Representative Personal Account.
Which accounting systems are you familiar with?
How many types we are received funds in business purpose
What is the Difference Between Retail Invoice & Tax Invoice?
37 Answers ABC, Allianz, Zenpac,
what are accounting concepts?,what is the use of commerce?,what is accounting conversation?
what is purchase consideration?
Expand---------GMT
what is mba tell me the more benefits in mba
why you would like to work for the our(AIRLINE) Group ???
What is the difference b/w NPV and PBP?