Question

On 1st January, 2010 Y purchased a tractor from Z Ltd. on Hire Purchase System. The cash
price of tractor was *1,92,000. Y agreed to pay to the vendor * 48,000 on signing the agreement
and balance of # 1,44,000 in three annual instalments of * 48,000 plus interest @ 15% p.a. The
assets were to be depreciated in the books of Y at 10% p.a. on reducing balance method.
Prepare purchaser's account and interest account in the books of Z Ltd.
..​

Answer 1

Explanation:

A Bank's Balance Sheet. A balance sheet is an accounting tool that lists assets and liabilities. ... The net worth is the asset value minus how much is owed (the liability). A bank's balance sheet operates in much the same way. A bank's net worth is also referred to as bank capital.

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