Question

Dinesh LTD.on 1st April 2015 ,purchased a machine from Rajesh LTD. on hire purchase basis. the cash price of the machine was Rs .5,000 on the date of the contract and the balance in four annual intalment of Rs .5,000 each plus interest at 5% per annum payable on December 31st each year ,and the first such intalment being payable on 31.12.2015 depreciation is to be charged @ 10%.on original cost. make nessessary ledger accounta in the books of hair purchare​

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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