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My company has just bought a car. The breakdown is as below:
cost of the car = 50000
Interest = 15000
Registration fee = 500
Road tax (first year) = 1800
Please show me the correct entries in the books
Thank you
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Answer Posted / mohan naidu .r ( accountant in
car a/c Dr - 52300
Interest a/c - 15000
To Cash/Bank - 67,300
( Being Car purchased a/c for)
Registration fee and Road tax has been added to car value
since one time occurring expenses, Interest is not one time
occurred
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