Hire Purchase System Chapter In Single Video | CA Intermediate Accounts Chapter 11 | Chandan Poddar

In This Video We Will Discuss the Hire Purchase System all Concepts, Problems and Examples for CA Intermediate Accounting. CA Inter Accounts Chapter 11 has been discussed by Chandan Poddar Sir For CA Intermediate Grooming Education.

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Time Stamp:
0:00 Intro
0:07 Hire Purchase System
7:47 Questions 1
16:12 Questions 2
18:49 Questions 3
22:25 Questions 4
30:11 Questions 5
31:41 Books of Hire Purchaser
39:37 Question 6
50:30 Question 7

The Hire-purchase system is a special system of purchase and sale of goods. Under this system, the purchaser pays the price of the goods in instalments. The instalments may be annual, six-monthly, quarterly, monthly fortnightly etc. Under this system, the goods are delivered to the purchaser at the time of agreement before the payment of instalments but the title on the goods is transferred after the payment of all instalments as per the hire-purchase agreement. The special feature of a hire-purchase transaction is that the payment of every instalment is treated as the payment of hire charges by the purchaser to the hire vendor till the payment of the last instalment.. After the payment of the last instalment, the amount of various instalments paid is appropriated towards the payment of the price of the goods sold and the ownership or the goods is transferred to the purchaser. Thus hire-purchase means a transaction where the goods are sold by vendor to the purchaser under the following conditions :
the goods will be delivered to the purchaser at the time of agreement.
the purchaser has a right to use the goods delivered.
the price of the goods will be paid in instalments.
every instalment will be treated to be the hire charges of the goods which is being used by the purchaser.
if all instalments are paid as per the terms of agreement , the title of the goods is transferred by vendor to the purchaser.
if there is a default in the payment of any of the instalments, the vendor will take away the goods from the possession of the purchaser without refunding him any amount received earlier in the form of various instalments.

Before discussing the characteristics of the hire-purchase system, we must know what is a hire purchase agreement and what are the contents of a hire-purchase agreement. A hire-purchase agreement means a contract between the hire vendor and the hire purchaser regarding the sale of goods under certain conditions. Usually, every hire-purchase agreement shall contain the following terms:
the cash price of the goods, cash price means the price at which goods may be purchased against cash payment.
the hire-purchase price, hire purchase price means the total amount which is payable by the hire-purchase under the agreement.
the date on which the hire-purchase agreement will commence.
the description of the goods that will be delivered to the hire-purchaser at the commencement of the agreement.
the number of instalments to be paid by the hire-purchaser along with the amount of each instalment and the date of payment of each instalment.

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