Interested to Buy Any Domain ? << Click Here >> for more details...
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.
- 1 Answers
- 3863 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
Can CPF share given by govt. added in the Financial gross salary while calculating Total gross salary at the end of Financial year.For eg: My gross salary is Rs.X during a Fin. year & govt share of CPF is Y then Total Fin. Year gross salary is =X+Y,is it correct?
what is consumer product accoutning?
Describe the proof of cash type of bank reconciliation?
what is journal entries for Vehicle loan settled with bank after Sale of the vehicle on profit or loss in case the party paid check direct to Bank .......???
Tell me an example of a tough decision that you had to make?
Wat entry ill come after paying the Cen -Excise Tax Vat Tax and Service Tax in the same time
What is the formula for acid test ratio in accounting?
In Service tax Return ST-3 What is meaning of first Row (i) Service tax payable (a) Gross amount received in money (I) Against service provided Pls explain in detail
How to calculate Gratuity & when it's applicable to employee after three years or Five years?...
what will be the entry for inventory
WHETHER WE CAN BOOK ALL PRELIMINARY EXPENSES, INCLUDING ACCESSORIES RELATED TO PURCHASE OF A NEW VEHICLE TO CAPITAL EXPENDITURE?
sir ,can effect on wbs element after wbs selected in t code : FBCJ for cash receipt?
salary entry with briefly including pf,esi,employee advances -journal entry with against payment entry
How we will dabit profit & Loss a/c in tally because profit & Loss a/c is tally generated a/c. we have to make provision for tax.
what is inter-company transaction? what is Inter-Branch transaction?
