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 / srinivas_accountant
All the expenses incurred during the purchase of fixed
assets should be capitalized.
car a.c 67300
to bank/cash 67300
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