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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
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
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
Meaning. Hire purchase is new method of selling. In this the ownership of goods is remains with the creditors until the last installment is paid but the possession is passes immediately to hirer. The one who purchases property is known as hirer & the one who sells it is called creditor.
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
“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.
In past, People avoided purchasing costly and luxurious items because of insufficient cash. The middle class and lower middle class people do not have the ability to purchase costly articles. Under the Hire-Purchase System, it becomes very easy. Under this system full price is not payable immediately, but the payments are
Hire Purchase System Problem 1: Shri Bipin purchased a Bajaj scooter on hire purchased system from Arun Auto. The total cash price of the scooter is Rs. 15980, payable Rs. 4000 at the time of agreement on 1 st January 2005 and the installment of Rs. 6000. Rs. 5000, and Rs. 2000 payable at the end of the first, second
Ascertain various missing values, required while accounting the hire purchase transactions, on the basis of given information. ? Calculate and record the value of repossessed goods and also to calculate the profit on re-sale of such goods. ? Understand the instalment payment system and also how it is different from hire.
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.

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