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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.
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Answer / h.r. sreepada bhagi
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 |
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1.Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under FIFO and LIFO methods? Opening Inventory 1000 units @ $ 10 $ 10,000 Purchase (1) 800 units @ $ 11 $ 8,800 Purchase (2) 500 units @ $ 14 $ 7,000 Purchase (3) 400 units @ $ 12 $ 4,800 Purchase (4) 300 units @ $ 13 $ 3,900 ------------ ----------- Totals 3000 units $ 34,500 ======= ======
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