Re: Vehicle purchase on loan issue

Thank you for your kind reply.

It was very simple solution to my problem and understandable as i don,t have accounts knowledge.

but still i have some doubts.

1) if Invoice amount  is 86,42,667, then how would i manage other remaining as i have paid during the purchase of vehicle? and what will be the Accounting entry?

2) As i have financed loan of 66,00,000/-  can i make entry as

                                 intial bal upload aact         debit                 66,00,000

                                           sbi  loan acct                   credit          66,00,000-

and

                                         sbi  payable acct              debit            66,00,000

                                          intial bal upload aact     credit            66,00,000-

3)  how would make payment to vendor using f-53  and with how much amount as i have taken loan.

2)  how i make payment to other expanse and what  will be accounting entry.

and each month i will do entry as

                                        sbi  loan acct         debit      1,71,873

                                        interest acct            debit        34,381

                                         sbi  loan acct          credit    2,06,254        

                 please correct if i am wrong and guide me in detail.

Thanks in advance.                                       

Mani