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“Under the Hire-Purchase system, goods are delivered to the buyer (called the “Hire-purchaser") in return for his undertaking to pay agreed amounts at specified intervals for a certain period, and on the understanding that at the end of that period when the payments completed, the goods become his absolute property.
take back the possession of the goods and also forfeit the amount already paid by the buyer. Normally, the price of the property under hire purchase system is higher than the cash price, since, the cost is paid in different installments, the seller will charge interest. The above sales governed under the Hire Purchase Act 1972
www.capankajgoel.com. Pankaj Goel. Page 1. 1. On 1 January 2009, Engineer Mr Abhay purchased 1 Machinery from Hemakshi on hire purchase system over a period of three years. Rs. 5,000 per machinery was payable on delivery on 1 January 2009 and the balance by following instalments ( per machinery) on 31.
In instalment payment system the ownership of the goods is passed immediately to the buyer on the signing the agreement. Because of this basic difference the accounting entries under instalment payment system are slightly different from those passed under the hire- purchase system. The scheme of entries is as under:.
9 Oct 2008 Chapter Outline. 1.1 Introduction 1.2 Objectives 1.3 Meaning and concept of Hire-purchase System 1.4 Characteristics of Hire-purchase system 1.5 Difference between Hire-purchase system and Instalment payment system 1.6 Accounting entries in the books of Hire-purchaser 1.7 Accounting entries in the
Hire Purchase, Lease, And Instalment Purchase System - Download as PDF File (.pdf), Text File (.txt) or read online. This is useful for Bangalore University students and those doing CA.
Q.1. Cash price of assets purchased hire-purchase system Rs. 37,500. Down payment Rs. 5,000. Annual installment : 5 of Rs. 7,500 each. Rate of interest : 5% Calculation interest included in each installment. Que. 2 A Ltd purchased a machinery from B Ltd, on hire purchase basic on the following terms: (a) Cash Price- Rs
Purchase System, and (ii) Instalment Payment System. In this unit we will learn in detail about the Hire Purchase System. 4.2 NATURE OF HIRE PURCHASE AGREEMENT. A hire purchase agreement is one under which the buyer takes delivery of goods, promising to pay the price in'certain number of instalments and until
HIRE PURCHASE SYSTEM. A trader could sell goods either for cash or for credit. For goods sold on credit, the payments may be made by the buyer in lump sum on a future date, or in installments spread over for a specified period of time. When goods are sold on credit, for which payment is made by the buyer in
Calculate and record the value of repossessed goods and also to calculate the profit on re-sale of such goods. ? Draw the Hire-purchase Trading Account and calculate the profit on such transactions. ? Evaluate the profit on hire purchase of goods of small value. ? Understand the instalment payment system and also how it

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February 2018