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 ?

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

by Muhammad Wajid , Admin & Accountant , CEET Coaching Center

It is treated as commodity

by Janak Bhattarai , Deputy Manager , Global IME Bank Ltd

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

by Maryam Abdulla , Premier Relationship Manager , HSBC Bank

Car loan mortgaged by the bank

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