Question

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D. PRACTICAL
1. Mahesh purchased a machine from Jayesh on 1-4-2008. Details were al
follows:
(1) The cash price of the machine was Rs. 22,000.
(2) Rs. 7,000 was paid on the date of purchase.
(3) The instalments were paid as under:
1st instalment on 31-3-2009
Rs. 6,500
2nd instalment on 31-3-2010
Rs. 6,000
3rd and Final instalment on 31-3-2011
Rs. 5,500
(4) Jayesh charged interest at 10% p.a. on the outstanding balance of cash price
(5) Mahesh provided depreciation on machine at 10% p.a. on Diminishing Balance
Method.
From the above mentioned information:
(a) Prepare Machine Account and Interest Account in the books of Mahesh
assuming that the machine is purchased on Hire-purchase System.
(b) Pass necessary journal entries in the books of Jayant for each year assuming
that machine is purchased on hire-purchase system​

Answer 1

Answer:

what is your proffesion

Explanation:

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