Mr. Lal Prasad purchased a car on Hire Purchase Basis from Maruti Ltd. on 1st January, He paid 1,50,000 on signing the contract and agreed to pay 3 instalments of Cash Price excluding
2013.
(15) The Cash Price of the car was 7650000 Interest is charged at 10% p.a. by Maruti Ltd. on outstanding
interest as follows:
On 31-12-2013
On 31-12-2014
On 31-12-2015
1,50,000
1,65,000
1,85,000
amount. Depreciation @ 20% p.a. on WDV is charged on the car. Prepare Car Account and Maruti
Ltd.
Account in the books of Mr. Lal Prasad for the years 20132014 and 2015.
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