AB Transport Company purchased a Truck from XY Automobiles Ltd. on Ist January,2001 on hire-purchase system. The cash price of the truck was Rs. 3,20,000 which was payable as under:
On 01-01-2001 Rs.1,00,000
On 31-12-2001 RS.80,000
On 31-12-2002 RS.80,000
On 31-12-2003 RS.82,478
XY Automobiles Ltd. charged interest @ 5% per annum on the unpaid amount. The purchasing company decided to write off depreciation @ 20% of the cost price each year. You are required to give the necessary journal entries in the books of both the parties for three years. Also show the calculation of interest, depreciation and the instalment.
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