Question

goods repossessed account is debited with the loss on repossession if goods under on stock and debtor system if statement true or false give explaination​

Answer 1

Hello Mate,

Loss on valuation of Goods Repossessed (Amount of Instalments outstanding, due and not due both, against Goods Repossessed − Valuation of Goods Repossessed) is transferred to HP Adjustment A/c. ... This account is prepared for recording loading on Opening and Closing HP Stock.

Hope this helps you