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
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
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