Bayt.com

Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Vehicle though a bank facility on monthly installments. Until the loan is paid off, the vehicle is mortgaged to the bank. What is the a/c treatment ?

Banking Accountancy
user-image
Question added by Muhamed Asharaf MV , ACCOUNTS PAYABLE , AND MFR REPORTING ACCOUNTANT
Date Posted: 2016/02/18
Upvote (0) Views (7) Followers (3) Answers (3) Report Question
Write an Answer
Register now or log in to answer.
Muhammad Wajid
by Muhammad Wajid , Admin & Accountant , CEET Coaching Center

It is treated as commodity

Janak Bhattarai
by Janak Bhattarai , Deputy Manager , Global IME Bank Ltd

Vehicle shall be booked as assets where as bank loan shall be booked as Liabilities

Maryam Abdulla
by Maryam Abdulla , Premier Relationship Manager , HSBC Bank

Car loan mortgaged by the bank

Write Your Answer
More Questions Like This