Forum Discussion
Hi all
I have looked at a number of posts already regarding entering a car purchase and just can't get my head around it.
I am trying to record a purchase of a car totalling $41147
$500 was already paid from personal funds (say owner contribution) as deposit.
A further $3500 was paid from the business account.
Is it a simple matter of opening a MV asset account and doing a general journal where i Debit it $41147?
But then I am lost on the other side of the transaction. I've attached my entry - which i think looks ok for the purchase side of things
Do i credit Loan account for the difference ($37147)? ANd then how do i record the 2 deposits?
Apologies Its a dumb question, but hoping someone can help me.
Thanks in advance.
I have 3 cars to enter, so hopefully once I have it sorted on one, I can do the others.
Its a Chattel Mortgage, so I am claiming the GST upfront.
Thanks again