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nen Cash Price an amount ) Kiran Ltd purchased machinery from ABC Ltd on hire purchase terms. The cash price of the machinery was Rs 2,38,290. On signing the agreement Rs 64,000 was to be paid immediately and balance in three instalments of Rs 64,000 each at the end of each year subject to interest

nen Cash Price an amount ) Kiran Ltd purchased machinery from ABC Ltd on hire purchase terms. The cash price of the machinery was Rs 2,38,290. On signing the agreement Rs 64,000 was to be paid immediately and balance in three instalments of Rs 64,000 each at the end of each year subject to interest

FINANCIAL ACCOUNTING
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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@5% p.a. depreciation is to be provided @ 10% on fixed instalment basis. Record necessary journal entries in the books of the hire purchaser.
Transcribed Image Text:@5% p.a. depreciation is to be provided @ 10% on fixed instalment basis. Record necessary journal entries in the books of the hire purchaser.
When Cash Price and Interest rate is given and interest include the Instalment amount 6) Kiran Ltd purchased machinery from ABC Ltd on hire purchase terms. The cash price of the machinery was Rs 2,38,290. On signing the agreement Rs 64,000 was to be paid immediately and balance in three instalments of Rs 64,000 each at the end of each year subject to interest aclas
Transcribed Image Text:When Cash Price and Interest rate is given and interest include the Instalment amount 6) Kiran Ltd purchased machinery from ABC Ltd on hire purchase terms. The cash price of the machinery was Rs 2,38,290. On signing the agreement Rs 64,000 was to be paid immediately and balance in three instalments of Rs 64,000 each at the end of each year subject to interest aclas
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