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How would you account for the leasing of a vehicle

As a sole trader you require a vehicle to trade and decide to lease the vehicle rather than purchase it, how would you account for it in the company accounts and what nominal would you use?
Asked by: hooked cruiser | Member Since Feb-2008 | Asked on: Feb 18th, 2008

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Showing Answers 1 - 2 of 2 Answers
rathorevinod

Answered On : Sep 26th, 2008

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Vechicle a/c dr-FA
To lease agreement a/c-Liabilitie
 lease a/cdr-indirect exp
To cash/Bank-current assets
expense off the payment of lease from th p&l a/c

  
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sivaram addagada

Answered On : Sep 15th, 2010

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I will open an vehicle owner account under hire vehicles a/c under current liability a/c.

  
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