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What journal entries will pass in case of purchasing of Fixed Assets on instalments

>> May 8, 2009

Q:- I'm working with Tally 9 software. i brought one car by financing company. but i dont no how to make transaction in tally. can you help me in this regard;

Car amunt : BD. 9588.000
Down Payment :
BD.2000Istalment amount :
BD.164*59 times and 188.400*1 time
Total Instalment amount : 9864.400
Period : 5 Year can you explain to me the transaction
Answer : First of thanks for asking first question from Bahrain. I think you live there because of you have bought in BD( Bharain dinar ) . Now understand records of these transaction in tally 9 .
When you buy car , you have to create the ledger accounts for this Company gateway >> ledger creation >> multi ledger creation >>

1. Car Account under fixed asset

2. Bank account under bank account

3. Interest account

4. Name of party account ( Creditor ) under loan ( liabilities ) Accepts all one by one and then return to gateway of tally and pass the voucher entries in Account voucher When you buy the Car on credit This entry will be in Journal voucher ( F7 function key )

Car account debit BD. 9588.000
Name of party from where you buy Credit BD. 9588.000
2nd when you paid down payment ( It means pay at the time of buy under hire purchase system ) This entry will in payment voucher
Name of party from where you buy Account Debit : BD.2000
Bank Account Credit: BD.2000

If you voucher in single mode then First write bank account in account and then write the name of party and then accept it. It means same above entry of payment will be passed without tension of debit and credit.

3rd When you pay other installment Then you will follow same second entry in payment voucher till the all payment is not completed by you to the party from where you have bought from CAR. Write only the amount of payment it may be BD.164*59 times and 188.400*1 time

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Anonymous,  April 11, 2010 at 12:05 AM  

Dear sir,
I have question on the above journal entry. You have not mentioned what is journal entry for interest account and also how the credit party will get paid. through bank or anyother means?

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