Hire purchase question~ need help~

atom00

Please help~

My boss has bought a ute, but i am not sure how to record in the myob, can someone kindly help me?

The company has brought a ute under hire purchase.  What the MYOB transactions(under cash basis and accrual basis) will be?

The purchase details as follow:

Totoya
Hilux
Purchase date (let say 11/6/2008)

Price             $20,570
Less Deposit   $1,570
Balance          $19,000

Disbursements to be financed
shortfall insurance   $1,215
VSR fees                $10.30
Establishment fee     $350
Total amount to be financed $20,575.30
Add terms charges           $8,149.70
Total Rent                   $28,725
GST on Goods Price      $1,747.09


60 mthly rentals each of $478.75

Thanks in advance

footy

Date: 11/06/2008

Dr.   Motor Vehicle at cost   $18,822.91
Dr.   GST paid                       $1,747.09
Dr.   Borrowing expense     $1,575.30 (subject to change depending on GST amount)

Cr.   Deposit paid                               $1,570
Cr.   Hire purchase liability - Hilux   $28,725
Dr.   Less: Unexpired interest          $8,149.70

这个journal适用于GST为accrual basis的，如果GST是cash basis，这个journal要变动一下，GST不能一次claim，应分60次claim。

atom00

原帖由 footy 于 2008-12-5 15:40 发表
Date: 11/06/2008

Dr.   Motor Vehicle at cost   $18,822.91
Dr.   GST paid                       $1,747.09
Dr.   Borrowing expense     $1,575.30 (subject to change depending on GST amount)

Cr.   ...

thanks for your prompt answer...i got some queries about it, as i don't understand about the gst of it.

If the GST is $ 1747.09, why the ute value is not $1747.09 x 11 = 19217.99 or other way round like $20,570/11 = GST $1870, but now the GST is $1747.09?

I am so confuse of the add up of the contract ~

Are the borrowing expense has to divide into 60 terms too?

footy

原帖由 atom00 于 2008-12-5 17:04 发表


thanks for your prompt answer...i got some queries about it, as i don't understand about the gst of it.

If the GST is $ 1747.09, why the ute value is not $1747.09 x 11 = 19217.99 or other way r ...

汽车的总价格里包含rego 和 stamp duty，而这两项都是不含GST的，所以GST不是十一分之一

另外，borrowing expense分五年摊销，如果你们要做月报的话，就每月转1/60到expense

Interest也是一样，每个月转到expense，但每次转的金额都不同，具体的计算方法你可以去让你们的external accountant做一份amortisation schedule