Journal entry-
A new car was purchase for 6 lakh for office use. it was paid by taking loan from Bank of 5 lakh and balance by issue of cheque from firms bank account
Please help
What will be the entry ?
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The journal entry for the given transaction will be as follows :
Machinery A/C Dr 6,00,000
To cheque in hand A/C. 6,00,000
(Being car purchased)
Cheque in hand A/C Dr 5,00,000
To machinery A/C 5,00,000
(Being payment made through the cheque)
Bank loan A/C Dr 1,00,000
To machinery A/C 1,00,000
(Being payment made through a loan)
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