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Long Answer Type Questions SK Singh Books

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Long Answer Question - 19

**Calculation of Interest and Cash Price by Back Method

19. A public school agrees to purchase from Weston Company some T. V. sets on the Hire Purchase System payable over a period of five years by annual instalments of 10,000. The Weston Company charges interest at 4% per annum on the yearly balances.

Show the necessary Ledger Accounts in the books of public school. Charge depreciation at 10% per annum on diminishing balance method.






Hire Purchase System Playlist
   • Hire Purchase System as per NEP 2020 || Sk...  
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Hire purchase system meaning।hire purchase definition ।as per NEP 2020 । features of hire purchase। Content of agreement।Hire purchaser । Hire vendor and hire seller Calculation of interest । Cash price । Hire purchase price । Interest । Time period of payment of instalments । On what amount interest to ne calculated । Unpaid cash value । Rates । Annual interest । Half yearly interestDown payment । Down payment by hire purchasers।calculation of depreciation।। Fixed instalment method । Diminishing balance method in Hire purchase system ।rates of depreciation ।Accounting treatment under hire purchase sysytem । Asset accrual method ,In the books of hire purchaser ।journal entries in the books of hire purchaser under asset accrual method ।journal entry for down payment in asset accrual method ।entry for interest/ instalments/payments of instalments। charging of depreciation। Credit purchase method , journal entry in the books of hire purchase according to credit purchase method । Journal entry for asset purchased। Journal entry for interest and payment of instalments in credit purchase method। Journal entries in the books of hire vendor and hire seller । Journal entry for good sold , down payment , interest becoming due ।fir amount of instalments received in the books of hire vendor or seller । Ledger in the books of purchaser । Hire vendor's account । Interest account । Depreciation ac। Profit & loss ac । Machinery account । Plant ac । Motor car ac। truck ac । Calcultion of interest when interest are included । Calculation of interest when interest are not included । Hire vendor's account। Interest ac । Hire purchaser account । Hire vendor's account। Asset accrual method । Question and answers
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