أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
The financial journal entries in the books of customer is as follows:
Assets bought on lease
Debit the Asset (motor car) account
Credit the vendor account for the full amount
In the books of vendor or supplier the entries are as follows:
Debit the Customer account (purchased on lease) for the sale price
Credit the goods (car, original price)
Credit the amount of profit on sale of car (on lease).
Every month on the repayment of each installment by the customer the reverse entries would be generated to show the depreciation of motor car and amortization of profit in the books of vendor.
agree with mohammed .........................
