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Categories >> Accounting >> Accounting General
 
 


 

 
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 Accounting General interview questions  Accounting General Interview Questions (2781)
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Question
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.
 Question Submitted By :: Mthi
I also faced this Question!!     Rank Answer Posted By  
 
  Re: 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.
Answer
# 1
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
H.r. Sreepada Bhagi
 

 
 
 
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