BANK FINANCED COMMERCIAL VEHICLE

BANK FINANCED COMMERCIAL VEHICLE

I HAVE PURCHASED A COMMERCIAL VEHICLE ON LOAN FRM ICICI BANK.I HAVE RCVD THE INVOICE FOR THE PURCHASE FRM XYZ VEHICLES LTD.. VEHICLE IS OF RS. 515000. THE BANK HAS DIRECTLY PAID XYZ VEHICLES LTD. EVERY MONTH FROM FEB 2024 AN EMI GETS CUT FROM CURRENT A/C WHICH HAD PRINCIPAL AND INTEREST AMT IN IT.  I HAVE INWARDED THE VEHICLE INVOICE AS A PURCHASE OF ASSET. NOW MY ISSUE IS THAT:-
1) THE VENDOR BALANCE OF RS.515000 IS SEEN AS IT IS EVEN THOUGH THE 2 EMI'S HAVE GONE AND THE PRINCIPAL HAS REDUCED BY 10000.
2) AS THE EMI GETS DEDUCTED FROM BANK A/C DIRECTLY...I HAVE CREATED 2 A/C'S , NAMED:- VEHICLE_PRINCIPAL_LOAN_PYMNT (UNDER OTHER LIABILITY HEAD) & VEHICLE_INT_LOAN_PYMNT (UNDER EXPENSE HEAD). I ITEMIZE THE BANK ENTRY AS PRINCIPAL AMT TO  THE PRINCIPAL A/C AND INT AMT TO INT A/C.
PROBLEM IS THAT THE VENDOR BALANCE REMAINS SAME...
KINDLY GUIDE WHAT IS SUPPOSED TO BE DONE. IS THERE ANY JOURNAL ENTRY TO BE PASSED BETWEEN EXCEL VEHICLES AND LOAN RPINCIPAL PYMNT A/C ? AND IF YES THEN HOW?
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