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.
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Answer Posted / 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.
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