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Ramesh purchased a machine costing Rs. 60.000 under hire purchase system. He paid
Rs. 20.000 as down payment and the remaining in two instalments yearly with 10% interest
Write the journal entries in the books of the buyer.
pls answer me quickly
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Machine a/c.dr.60000
to cash a/c 20000.
to installment a/c 40000
1st installment a/c dr.44000
to 10%interest a/c 4000
to cash a/c. 40000
2nd installment a/c dr.44000
to 10%interest a/c 4000
to cash a/c. 40000
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