Question

Raja purchased an asset under hire purchase system for ` 60,000 payments to
be made ` 15,000 down and three installments of ` 18,000 each at the end of
each year. Rate of interest is 10% p.a. Raja depreciates asset @ 10% p.a. on
diminishing balance method.
Due to financial difficulties Raja could not pay any installment after first
installment and selling company took possession of the asset. The selling
company after spending` 1,500 on repairs it sold away the asset for ` 38,000.
Prepare necessary ledger accounts in the books of both the panties

Answer 1

Answer:

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