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
Answer Posted / ali
car a/c............................Dr 50500
(rgn fee can be added to tthe cost)
Interest a/c.......................Dr 15000
(not an element in the cost of the car)
Road tax a/c.......................Dr 1800
(Indirect xpns cant be added to fxd asset)
To Cash 67300
Is This Answer Correct ? | 0 Yes | 1 No |
Post New Answer View All Answers
how to finalised the Balance sheet & profit & loss A/C
Financial Accounting
Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
What is bond ? What is capital market?
whether allowances will be included in calculating esi from gross salary
Explain me the basic accounting equation?
What is consignment cycle.?Explain the steps involved in the Consignmet..?
Imagine you have to solve problems for multiple clients at the same time. How do you prioritize?
what is the impact of bank garantee of rs 100000 on cash flow statement which has been expired...& impact on bank reconcilation statement
Accounting for vc money in financials
Explain miscellaneous expenditures & profit and loss account debit balance
Hi,Friends, I have a simple question in my mind that I have one head office that in faridabad and other branch in delhi,i purchase material in delhi for availing the tax benefit in delhi then i transfer the same material to head office(faribabad) agianst "F" form,i purchased material in delhi basic price rs. 5 +.42 taxes it comes rs. 5.42/-,my question is on which amount i should transfer the material from delhi to faridabad i.e 5,5.42 or 5 + freight(if any).kindly please solve my problem.
What is ERP? Diff b/w Income & Expenditure a/c & P/L a/c? What is the fullform & the application of SAP? What is the reasons where Balance sheet will not tally?
what is the entry to be made for vat when any purchase is made in that bill vat amount is included ?
What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?