Question

0.3
Bombay Transport Ltd.purschsed on 1st April 2014 from Delhi motors five trucks
costing Rs.3,00,000 each on the hire purchase system. The payment was to be made as
follows:
10% of cash price down;
25% of cash price at the end of the four subsequent half
years
The payment due on 31st March 2015 could not be made and hence the trucks were
seized by the vendor,
But, after negotiation ,the hire purchaser was allowed to keep three trucks on the
condition that the value of the other two trucks would be adjusted against the amount
due, the trucks being valued at cost less 25%depreciation Bombay Transpost
Ltd.closes its books on 31st March each year and the depreciation is charged at 15%
per annum on the original cost The vendor spent Rs.60,000 on getting the truck
repaired and sold one of them for Rs.2,50,000.Prepare necessary ledger accounts in
the books of both the parties.​

Answer 1

Answer:

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