Question

In the books of Hirer, the interest and depreciation as wir be transferred to ​

Answer 1

Answer:

If the firm stops making repayments and the goods or assets are taken away ... In the books of Hirer, the interest and depreciation account will be transferred.

Answer 2

In the books of Hirer, the interest and depreciation will be transferred to the Profit and Loss Account.

• Profit and Loss is a financial statement that tells that firm has incurred profit or loss during the accounting year.
• It shows revenue and expenses of the year.
• Hirer is the person who has purchased goods on credit and will pay the money in installments.
• This type of purchase is known as Hire Purchase System.