My company has taken a car loan from HDFC Bank, Assume 7.5
lacs. but it disbursed after deducted adv emi. how to pass
the jv for that . Plz pass the entry
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Answer Posted / khalid ansari
Car A/c Dr. (Entire Cost of the car - on the Asset side)
To Car Loan A/c.... Cr. (Loan amount taken from bank without interest amount payable )
To Bank A/c..... Cr. (Initial down payment made by your client out of his own funds)
When your client makes payment towards instalments Pass the following entry
Car Loan A/c .... Dr ( loan element / Principal amount repayment in the instalment) (effect on Liability side of the Balance sheet)
Interest on car loan A/c Dr. (Interest element in the instalment) (P/L A/c item )
To Bank A/c .. Cr. (Entire Instalment amount)
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