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

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

COMMENTS

: 6
  1. 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?

    ReplyDelete
  2. Dear i am a student doing B.com.as practising tally. where i have some problem i will be glad if u solve my problem.

    Total Vehicle price Rs.629538/,Down Payment Rs.211661/,Loan Amount Rs.440000/,Tenure(month) 35,1st Intalment Rs.17530/
    2nd to 35th Instalment Rs.17415/per.
    ***********in the Summary of Loan A/c****************
    Invoice Value Rs.629538/
    Loan AmountRs.440000/
    Total Interest Rs.48200/
    Total Contract Value Rs.609640/
    what will b the entry

    ReplyDelete
  3. i bought some machinaries for our company.....that all under fixed assets....but the entry in purchase a/c due to pay the tax of the machinaries when buying it.....how to create a voucher same product both fixed and purchase

    ReplyDelete
    Replies
    1. dear sabura ,

      u could go through like -

      purchase capital goods dr 0000
      input vat on capital goods dr 0000

      to Party a/c 0000

      but should be remember input would be claim in two parts means 50% current Qtr 50% Next Qtr ,

      Delete
  4. i purchased two wheeler vehicle in the name of company for rs.77126/-. i received invoice for rs.59263/- insurance copy for rs.6746/- balance amount for road tax, rta charges and engine warranty. i paid total rs.77126/-. how can i show in tally erp

    ReplyDelete
  5. sahll i take taxinput on purchase of 2 wheeler in company name

    ReplyDelete
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Accounting Education: What journal entries will pass in case of purchasing of Fixed Assets on instalments
What journal entries will pass in case of purchasing of Fixed Assets on instalments
Accounting Education
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