Neo concerned business on 1* April, 2014. During the year ended 31st March, 2015 purchasesamounted to $ 54,000 and ordinary sales $ 62,000. In addition the following sales were made underHire Purchase arrangements:InitialMonthlyNo. of instalmentspaid during the yearArticleCostSalesamountInstalmenpricepaidtRadioWashing Machine20 of $ 4012 of $ 9018 of $ 5060090010088001,2001202Record Player7001,0001004After 4 instalments had been paid on Record Player it was returned on 29th March, 2015.Stock in trade on 31* March, 2015 excluding Record Player returned amounted to $ 7,000.Prepare (1) Hire Purchase Trading Account,(I1) General Trading A/c.(I) Goods Repossessed Account.

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Neo concerned business on 1* April, 2014. During the year ended 31* March, 2015 purchases amounted to $ 54,000 and ordinary sales $ 62,000. In addition the following sales were made under Hire Purchase arrangements: Initial Monthly Article Cost Sales amount Instalmen No. of instalments price 2$ paid during the year paid t Radio Washing Machine Record Player 600 20 of $ 40 12 of $ 90 18 of $ 50 900 100 8 800 1,200 120 2 700 1,000 100 4 After 4 instalments had been paid on Record Player it was returned on 29th March, 2015. Stock in trade on 31* March, 2015 excluding Record Player returned amounted to $ 7,000. Prepare (1) Hire Purchase Trading Account,(II) General Trading A/c.(II) Goods Repossessed Account.

Neo concerned business on 1* April, 2014. During the year ended 31* March, 2015 purchases amounted to $ 54,000 and ordinary sales $ 62,000. In addition the following sales were made under Hire Purchase arrangements: Initial Monthly Article Cost Sales amount Instalmen No. of instalments price 2$ paid during the year paid t Radio Washing Machine Record Player 600 20 of $ 40 12 of $ 90 18 of $ 50 900 100 8 800 1,200 120 2 700 1,000 100 4 After 4 instalments had been paid on Record Player it was returned on 29th March, 2015. Stock in trade on 31* March, 2015 excluding Record Player returned amounted to $ 7,000. Prepare (1) Hire Purchase Trading Account,(II) General Trading A/c.(II) Goods Repossessed Account.

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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complete this question by entering your answers in the tabs below. only typed solution
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