• Answer of this question

    taken loan from bank a car purchase but which group create in tally
    Davneet Singh's image
    Davneet Singh

    Suppose I purchase  Car for Rs 500000 from Honda Motors

    I pay 100000 Downpayment by cheque

    Remaining 400000 is financed by bank loan from ICICI Bank

    Entry will be

    Car Dr 500000

         To Honda Motors 500000

     

    Honda Motors Dr 100000

        To Bank  100000

     

    Honda Motors Dr  400000

        To ICICI Loan A/c   400000

     

    (Car is a Fixed Asset,Honda Motors is Sundry Creditor,ICICI Loan is Loans(Liabilities or Secured Loan)


    Written on Sept. 19, 2016, 11:29 p.m.