Ganesh purchased a motor car from Supreme Motors on 1st January 2001 on HPS.
The payment is made as follows:
Rs. 4000 on delivery. Rs. 7600 at the end of the first year. Rs 6000 at the end of the second year
and Rs.5500 at the end of the third year. Interest at 10 % per annum is included in three
installments.
Ganesh charged depreciation on the motor car at 20% per annum on the diminishing balance.
Prepare the necessary accounts in the books of Ganesh parties. Show the interest calculation.
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