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Explained the concept and procedure of partial repossession in Hire Purchase system.
Question Information:
On 01.01.2010 Chetali purchased from Deepali three machines costing Rs.2,00,000 each payable Rs.50,000 down and three annual installments of Rs.60,000 for each machine at the end of each year. The purchaser charges depreciation on machines @ 10% p.a. on written down value method.
Chetali could not pay second instalment and Deepali took possession of two machines. Value of the Machines repossessed was to be determined after charging 25% depreciation under straight line method. Deepali paid Rs.10,000 for repairs on repossessed machines and sold them for Rs.80,000 each.
Show the necessary accounts in the books of Both the parties.
Student can also watch following lectures related with the same topic :
1. Full Repossession in Hire Purchase :
https://www.youtube.com/watch?v=Te8cJ...
2. Mid Year Partial Repossession in Hire Purchase :
https://www.youtube.com/watch?v=ZdfHR...
Students can download relevant study material from the below mentioned link for better understanding of the concepts...
Download Assignments: https://drive.google.com/drive/folder...
#HirePurchase #Repossession #Accounting
Hire Purchase - Partial Repossession ~ For B.Com / M.Com bcom full form | |
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| Education | Upload TimePublished on 30 Mar 2017 |
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