jubbym
Dec 21, 2008, 05:15 PM
In Canada, how do you account for the purchase of a vehicle which includes GST, PST, PPSA filing fees, and interest over 36 month term @ 1.99% ($1,842.74)
Vehicle cost: $62,212.00, GST $2,712.72, PST $4,524.43, PPSA fees $37.35 and of course the interest of $1,842.74. Owner also made a 10,000 down payment and the balance to be paid in 35 equal intallments is $61,329.74.
I need an answer by Dec 23rd for year-end so would appreciate any help anyone can give me.
My attempt:
Vehicle $69486.50
Interest 1,842.74 dr
Down pay -10,000.00 dr
Total $61,329.74
Truck Loan $52,212.00 cr
PST 4,524.43 cr
GST 2,712.72 cr
PPSA Feew
Vehicle cost: $62,212.00, GST $2,712.72, PST $4,524.43, PPSA fees $37.35 and of course the interest of $1,842.74. Owner also made a 10,000 down payment and the balance to be paid in 35 equal intallments is $61,329.74.
I need an answer by Dec 23rd for year-end so would appreciate any help anyone can give me.
My attempt:
Vehicle $69486.50
Interest 1,842.74 dr
Down pay -10,000.00 dr
Total $61,329.74
Truck Loan $52,212.00 cr
PST 4,524.43 cr
GST 2,712.72 cr
PPSA Feew