(a) The following particulars relate to hire purchase transactions: (i) Mita purchased three bikes from Nita on hire purchase basis, the cash price of each bike being 1,00,000 (ii) Mita charged depreciation @ 20% on written down value method. (iii) Two bikes were seized by the Nita when second instalment was not paid at the end of the second year. Nita valued the two bikes at cash price less 30% depreciation charged under written down valued method. (iv) Nita spent 5,000 on repairs of the bikes and then sold them for a total amount of *85,000. You are required to compute: (i) Agreed value of two bikes taken back by Nita. (ii) Book value of the bike left with Mita. (iii) Profit or loss to Mita on two bikes taken back by Nita. (iv) Profit or loss of bikes repossessed, when sold by Nita.

(a) The following particulars relate to hire purchase transactions: (i) Mita purchased three bikes from Nita on hire purchase basis, the cash price of each bike being 1,00,000 (ii) Mita charged depreciation @ 20% on written down value method. (iii) Two bikes were seized by the Nita when second instalment was not paid at the end of the second year. Nita valued the two bikes at cash price less 30% depreciation charged under written down valued method. (iv) Nita spent 5,000 on repairs of the bikes and then sold them for a total amount of *85,000. You are required to compute: (i) Agreed value of two bikes taken back by Nita. (ii) Book value of the bike left with Mita. (iii) Profit or loss to Mita on two bikes taken back by Nita. (iv) Profit or loss of bikes repossessed, when sold by Nita.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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