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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

Answers were Sorted based on User's Feedback



My company has taken a car loan from HDFC Bank, Assume 7.5 lacs. but it disbursed after deducted a..

Answer / dharmesh sati

Entry No. 1

Bank Account Debit & Loan Account Credit with full amount
of Loan.

Entry No. 2

Loan Account Debit (Principal part from EMI)
Interest Account Debit (Interest Part from EMI)
Bank Account Credit

Is This Answer Correct ?    68 Yes 12 No

My company has taken a car loan from HDFC Bank, Assume 7.5 lacs. but it disbursed after deducted a..

Answer / satya prakash

Purchase Car:-
Car A/c Dr ( By Entire cost of Car )
To Party A/c Cr ( Party Name from we purchase Car )

Payment to Party:-
Party A/c Dr
Loan Processing Fee Dr
To HDFC Loan A/c Cr

EMI Paid to Bank:-
HDFC Bank Loan A/c Dr. ( Principal Amt. )
Interest On Loan A/c Dr. ( Indirect Exp. )
Bank or Cash A/c Cr.

Is This Answer Correct ?    39 Yes 3 No

My company has taken a car loan from HDFC Bank, Assume 7.5 lacs. but it disbursed after deducted a..

Answer / 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)

Is This Answer Correct ?    16 Yes 3 No

My company has taken a car loan from HDFC Bank, Assume 7.5 lacs. but it disbursed after deducted a..

Answer / rohit

i want take knowledge totally tds deducted

Is This Answer Correct ?    16 Yes 5 No

My company has taken a car loan from HDFC Bank, Assume 7.5 lacs. but it disbursed after deducted a..

Answer / tej prakash sati

Dr. HDFC Vehicle Loan Account(Principal Amount of first EMI)
Dr. Interest in first EMI
Dr. Bank Account (Loan amount recived in bank)
Cr. HDFC Vehicle Loan Account.

Is This Answer Correct ?    17 Yes 10 No

My company has taken a car loan from HDFC Bank, Assume 7.5 lacs. but it disbursed after deducted a..

Answer / sankeerthana

According to the question put by Qayyum Loan was paid after
deducting one EMI. But dear D.S You passed it as amount
received in full. That is wrong. According to you First EMI
payment was made by us.According to me my answer is

Bank A/c Dr 7,40,000/-
HDFC A/c Dr 10,000/-(Assumed Rs 10000 as EMI)
To HDFC Loan A/c 7,50,000/-
(Being loan recived after first EMI adjustment)

Is This Answer Correct ?    8 Yes 11 No

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