In the hire purchase system interest charged by vendor is calculated on the basis of

Related MCQs

• When an asset is acquired on hire purchase system, the asset account is debited with _______ of the assets in the books of the hire purchaser.
• Fixed assets purchased on hire purchased on hire purchase terms are recorded at
• Under hire purchase system depreciation is charged:
• Under _____ system , the hire vendor has a right to take back the goods
• In Hire Purchase system cash price plus interest is known as
• KCS purchased a machine from JPS on hire purchase system, whose cash price was `8,64,000. ` 2,16,000 being paid on delivery and balance in three annual instalments of `2,88,000 each. The amount of interest included in first installment would be
• In order to deal with the re possession the hire vendor operates an account called _______
• What is transferred to hirer under hire purchase system
• Hire purchase act is
• _______ is the initial payment made at the time of signing the hire purchase agreement