Hi , Have read through the various suggestions re chattel mortgage , but cat get throug my non accounting head.
The scenario is New Cr total Cost 84800.01 (incl of GST & LCT)
Deposit 15,000 (paid by CC)
GST 7311.06
LCT 1206.35
Chattel Mortgage details
Price 84800.01
Fees & Charges 1440
less dep 15000
Amount Finance 71240.01
Total Int 8639.82
Total payable 79879.83 over 36 months (1195.98 x 36)
Balloon 36824.55
Could someone provide me the full set of entries. To properly post this in MYOB essential. Thanks in advance. Help would be much appreciated.