difference between hire purchase price and cash price is called as
Answers
Answer:
difference between hire purchase price and cash price is called as : Hire changes
Answer:
Explanation:
Hire purchase means a transaction where goods are bought and sold on terms that:
a. The payment shall be made in instalments, Possession of the goods is given to the buyer immediately,
b. The property (ownership) in the goods remains with the seller till the last installment is paid,
c. The seller may return the goods in the event of default in payment of any installment and each installment is treated as rent charge till the last installment is paid.
d. Payment is to be made by the hirer (buyer) to the hirer, usually the seller, in installments over a specified period.
e. The property in the consignment remains with the seller until the final installment is paid. The owner passes on to the buyer (hirer) when he pays all the installments.
Cash purchase mean buying goods or service for resale purpose in an immediate cash payment. No installment is to be paid. Whole amount of goods or service is to be paid in cash immediately.
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