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  • 1.) To Record Deposit Paid: (Negative Current Liability)

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    anon_716890631
    2 views4 pages
    The document records the purchase of a motor vehicle through hire purchase for RM 238,446 with additional insurance of RM 7,842.35. Funding includes a deposit of RM 5,000, loan from a bank for RM 200,000, and loan from a director for RM 41,288.75. Hire purchase interest in suspense is RM 32,480. Journal entries are made to record the deposit paid, update the motor vehicle purchase and insurance amounts, and update the hire purchase interest in suspense.

    Original Description:

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    Original Title

    HP KIRA

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    The document records the purchase of a motor vehicle through hire purchase for RM 238,446 with additional insurance of RM 7,842.35. Funding includes a deposit of RM 5,000, loan from a bank for RM 200,000, and loan from a director for RM 41,288.75. Hire purchase interest in suspense is RM 32,480. Journal entries are made to record the deposit paid, update the motor vehicle purchase and insurance amounts, and update the hire purchase interest in suspense.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    2 views4 pages

    1.) To Record Deposit Paid: (Negative Current Liability)

    Uploaded by

    anon_716890631
    The document records the purchase of a motor vehicle through hire purchase for RM 238,446 with additional insurance of RM 7,842.35. Funding includes a deposit of RM 5,000, loan from a bank for RM 200,000, and loan from a director for RM 41,288.75. Hire purchase interest in suspense is RM 32,480. Journal entries are made to record the deposit paid, update the motor vehicle purchase and insurance amounts, and update the hire purchase interest in suspense.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Motor Vehicle ABC XXXX cost = RM 238,446.

    00
    Insurance = RM 7,842.35
    Loan from Bank = RM 200,000
    Loan from Director = RM 41,288.75
    Deposit = RM 5,000
    Hire Purchase Interest Suspense = RM 32,480.00

    1.)    To Record Deposit Paid


    Dr. Deposit Paid (Current Assets) RM 5,000.00
    Cr. Bank (Current Assets)

    2.)    To Update Hire Purchase of Motor Vehicle


    Dr. Motor Vehicle – ABC XXXX (Fixed Asset) RM 238,446.40
    Dr. Road Tax & Insurance (Expenses) RM 7,842.35
    Cr. Deposit Paid (Current Assets)
    Cr. Amount Owing to Director (Current Liabity)
    Cr. Hire Purchase – ABC XXXX (Current Liability)

    3.)    To Updated Hire Purchase Interest in Suspense


    Dr. HP Interest in Suspense - ABC XXXX (Negative RM 32,480.00
    Current Liability)
    Cr. Hire Purchase – ABC XXXX (Current Liability)
    RM 5,000.00

    RM 5,000.00
    RM 41,288.75
    RM 200,000.00

    RM 32,480.00
    Motor Vehicle ABC XXXX cost RM 238,446.00
    Insurance RM 7,842.35
    Loan from Bank RM 200,000
    Loan from Director RM 41,288.75
    Deposit RM 5,000
    Hire Purchase Interest Suspense RM 32,480.00

    1.)    To Record Deposit Paid


    Dr. Deposit Paid (Current Assets) RM 5,000
    Cr. Bank (Current Assets)

    2.)    To Update Hire Purchase of Motor Vehicle


    Dr. Motor Vehicle – ABC XXXX (Fixed Asset) RM 238,446.00
    Dr. Road Tax & Insurance (Expenses) RM 7,842.35
    Cr. Deposit Paid (Current Assets)
    Cr. Amount Owing to Director (Current Liabity)
    Cr. Hire Purchase – ABC XXXX (Current Liability)

    3.)    To Updated Hire Purchase Interest in Suspense


    Dr. HP Interest in Suspense - ABC XXXX (Negative RM 32,480.00
    Current Liability)
    Cr. Hire Purchase – ABC XXXX (Current Liability)
    RM 5,000

    RM 5,000
    RM 41,288.75
    RM 200,000

    RM 32,480.00

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