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How will I post entries to Tally If I purchased a Car in
Loan.
The principal Amount = 62930
Interest = 6846
Total = 69776
We have to pay Rs 1191 every month for 4 years
which include Principle amount and interest. how can I post
the monthly entries to tally
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Answer / binoy abraham
1. First Entry
Fixed Assets A/c Dr 62930
Interest Supence A/c Dr 6846
To Bank Loan A/c 69776
2. Monthly 2 entries
Bank Loan A/c Dr 1191.00
To Bank Current A/c 1191.00
Interest A/c Dr 142.63 (6846/48) for monthly int
To Interest suspence A/c 142.63
| Is This Answer Correct ? | 15 Yes | 6 No |
Answer / majeedf13
1) journal entry for Car Purchased
Fixed Asset A/c Dr.62930
Interest A/c Dr 6846
To Bank Loan A/c 69776
Every Month Jounal Entry
bank Loan A/c 1191
to Bank A/c 1191
| Is This Answer Correct ? | 7 Yes | 6 No |
Answer / ravi
loan taken = 62930
interest = 6846
total = 69776
we have issued 48 postdated cheques so every month 1 cheque
will be cleared of amounting 1191*48 = 57168
every month one cheque amounting to 1191 will be cleared
| Is This Answer Correct ? | 0 Yes | 10 No |
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