Question

ABC LTD purchased machines worth Rs 100000 from x Co. on 1.08.2018 Rs 40000 were paid immediately and the balance was paid by issue of Rs 62000 10 % debentures pass the necessary journal entries for recording the above transactions in the book of ABC. Ltd

Answer 1

X purchased machinery under hire purchase agreement from the cash price of the machinery was rs15500 the payment was to be made as follows on signinig the agreement 3000 first year end 5000 second year end 5000 third year end 5000 calculate the interest for each year

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