New Vehicle at Cost Journal

[mango]

Hi All,

We bought a new Vehicle (passenger) for the company.

I just need to know the correct way to post the initial journal to record the purchase. We paid a Deposit and the rest will be on installment sale creditor.

This is what i though (please correct me if i'm wrong).

Dr Vehicles @ cost R303 000
Cr Installment sale Creditor R303 000

Dr Installment Sale creditor R 60 600 (the deposit)
Cr Bank R 60 600



Then Monthly
Dr Installment sale creditor R 5 500
Cr Bank R 5 500


Please tell me f this is correct ( i have never posted such a journal) i was told not VAT implications as its a passengers vehicle (The R303 000 includes everything).

Any help would be good.

Regards