you purchase a machinary on a loan what is the joury entry for that and wh

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Question

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?

Question Submitted By :: Sundeep

I also faced this Question!!

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Answer Posted By

Re: 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?

Answer
# 1

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 ?

13 Yes

1 No

Lokesh Khintolia

Re: 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?

Answer
# 2

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 ?

2 Yes

0 No

D. K. Gupta

Question	Asked @	Answers
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