If you are purchasing 5 vehicles and you are doing trading of vehicles and you are using 1 vehicle for your office use and rest of for trading so tell me the journal entries

Question

Accepted Answer

The journal entries for purchasing 5 vehicles for trading and office use.

Debit the Vehicles account for the cost of the 5 vehicles
Credit the Cash/Bank account for the payment made
Debit the Office Use Expenses account for the cost of the vehicle used for office
Credit the Vehicles account for the cost of the vehicle used for office

Accepted Answer

Purchases a/c Dr. (amt.)

To vehicles a/c. (Amt.)

(being vehicles purchases 5 nos)

Accepted Answer

1 .Purchase Ac DR 400000DR

To Ac Bayable Cr 400000CR

Being Vehicle Purchase 5 * 400000Rs Per Amt.80000*5 No A Ac Pay

2. Prasnal Ac Dr 80000Dr

To Purchase Ac Cr80000Cr

Being Purchase Vehicle To Company Prasnal Use 1*80000

Vailables 4*80000 = 320000 Forward

If you are purchasing 5 vehicles and you are doing trading of vehicles and you are using 1 vehicle for your office use and rest of for trading so tell me the journal entries

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