Hire purchase system || Default In Payment Full Repossession || Sk. Singh Solution || B.COM || CA

Long Answer Type Questions SK Singh Books

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Long Answer Question - 32

🔴 32. Swara purchased a machinery from Shashi & Co. on 1st April, 2020 on the hire purchase system. The cash price of the machine was 2,23,400, 60,000 was to be paid on signing the agreement and the balance in three annual instalments of 60,000 each. Interest @ 5% p.a. is charged by the vendor. The purchaser had decided to write off 10% depreciation annually on the written down value method.

The hire purchaser could not pay the instalment due on 31st March, 2022. According to Hire Purchase Act, 1972 as the statutory proportion of Hire Purchase Price has not been paid by the Hire Purchaser the seller after completing all formalities took possession of the machinery and the vendor estimated its value 1,10,000 and spent 8,000 on it. Leter on this machinery was sold for 1,28,000. Prepare necessary accounts in the books of the both parties.
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* Hire Purchase System Playlist
https://www.youtube.com/playlist?list=PLGURxrV0AVyY1pwZaXzEZsO3wyk9FMRA1
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Hire purchase system meaning।hire purchase definition ।as per NEP 2020 । features of hire purchase। Content of agreement।Hire purchaser । Hire vendor and hire seller Calculation of interest । Cash price । Hire purchase price । Interest । Time period of payment of instalments । On what amount interest to ne calculated । Unpaid cash value । Rates । Annual interest । Half yearly interestDown payment । Down payment by hire purchasers।calculation of depreciation।। Fixed instalment method । Diminishing balance method in Hire purchase system ।rates of depreciation ।Accounting treatment under hire purchase sysytem । Asset accrual method ,In the books of hire purchaser ।journal entries in the books of hire purchaser under asset accrual method ।journal entry for down payment in asset accrual method ।entry for interest/ instalments/payments of instalments। charging of depreciation। Credit purchase method , journal entry in the books of hire purchase according to credit purchase method । Journal entry for asset purchased। Journal entry for interest and payment of instalments in credit purchase method। Journal entries in the books of hire vendor and hire seller । Journal entry for good sold , down payment , interest becoming due ।fir amount of instalments received in the books of hire vendor or seller । Ledger in the books of purchaser । Hire vendor's account । Interest account । Depreciation ac। Profit & loss ac । Machinery account । Plant ac । Motor car ac। truck ac । Calcultion of interest when interest are included । Calculation of interest when interest are not included । Hire vendor's account। Interest ac । Hire purchaser account । Hire vendor's account। Asset accrual method । Question and answers
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