double entry for disposal of motor vehicle under hire purchase

Up to 8 cash back Best answer Assuming it was. DR Disposal Of Motor Vehicle Account.

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Otherwise your double entry works ok As a matter of interest if youre paying 108333 per month and the interest rate is 5 you start owing 67267 and over 72 months.

. If you are not a motor vehicle dealer you should use the Discounted Sale Price Scheme when you occasionally sell a vehicle that you have used in your business. To offset the Fixed Asset Account. Hi Can anyone guide me what is the accounting double entry for selling of Fixed Asset - A Car.

The car costs 10000 and it requires to pay 30 initial payment and the remaining balance will be paid monthly with. He has a HP. There are four methods of accounting for hire purchase.

5 61101 Hire Purchase double entry Hire Purchase double entry I am preparing the accounts for a client using his previous accountants bookkeeping. Under this scheme you are. Cash Price Method Under cash price method we are deal hire purchase transactions just like normal transactions.

Assuming the transaction has commercial substance first we need to calculate the loss on disposal of the old motor vehicle. The first is to enter transactions like ordinary purchases with the difference that interest is to. A and company ABC have made the hire purchase agreement of the car.

CR BS HP Liabilities 7000. The first double entry records the disposal of the asset with a corresponding credit to the bank for the outstanding amount owing on the hire purchase. DR BS Motor Vehicles 7000.

You have put down a deposit down payment of RM7500000 which means the financed amount. The double entry of this bill debits the Hire Purchase Current account and credit Accounts Payable or Bank account if Write Cheque is used instead of the Enter Bill. Code the Revenue 1046887 to Motor Vehicles and process the following journal Dr Interest 145460 Dr Loan 5013113 Dr Acc.

The second double entry records the. There are two methods for entering hire purchase transactions in the books of the hire- purchaser. You are acquiring a motor vehicle that costs RM17500000 with a 5-year hire purchase plan.

The payoff was 1315538 and we sold the vehicle to a. What are the correct journal entries for the sale of a vehicle with a loan. Journal Entry for Sale of a Vehicle with a loan.

Since it was exchanged for fair value of 5000 and. If the cash price was 7000 plus 1225 of VAT which was reclaimed as input tax the double entry is.

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How Do I Remove A Fixed Asset An Old Vehicle That The Business No Longer Has From The Balance Sheet

How Do I Remove A Fixed Asset An Old Vehicle That The Business No Longer Has From The Balance Sheet

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