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 .
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