Purchased a company car for $33,000 (inclusive of GST). The company were successful with their car loan application (6 year loan period) to fund this purchase and the bank paid the full $33,000 direct...
Purchased a company car for $33,000 (inclusive of GST). The company were successful with their car loan application (6 year loan period) to fund this purchase and the bank paid the full $33,000 directly to Mazda. This asset is a depreciable asset. Loan repayments will start on the 12th March 2018.
Determine how to record this transaction in MYOB?
Homework Answers
The asset would be recorded at cost and credit would be given to car loan account which would be paid over the tenure of the loan.
The sample journal entry would be:
Particulars Dr Amount Cr Amount
Car A/c(asset) Dr $33000
To Car Loan A/c $33000
(being car purchased on loan)
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Purchased a company car for $33,000 (inclusive of GST). The company were successful with their car loan application (6 year loan period) to fund this purchase and the bank paid the full $33,000 direct...
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