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you purchase a machinary on a loan what is the joury entry
for that and where will you show the the loan amount in
balance sheet and show the ledger account?
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Answer Posted / d. k. gupta
Machinery A/c Dr
To Loan A/c (who is issue Loan e.g. Bank Loan A/c
or,Ind,Partyname)
for ledger creation of Loan A.c under the group of Loans
Liability or secured loan or unsecured loan who is ur a/c
group select from them.
if u purchase machine on loan and payment as instalment
then u passed entry every month and any agreement of payment
you passed entry in books
Loans A/c Dr (Machinery Loan A/c)
To Bank or Cash A/c
(chq no-xxxx Being the cheque issue to Bank towards payment
of Machinery loan)
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Short Answer on __________Accrued interest
Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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