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Prepare the hire purchase trading account

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Question - Prakash started business on 1st April, 2001. During the year ending on 31st March, 2002 its total purchases amounted to Rs. 52,540 and sales excluding hire purchase transactions amounted to Rs. 63,900. The following are the details of H.P transactions:

Articles Cost Sale price Deposit Monthly installment No. of installments paid in 2001- 2002

Phone set 400 600 100 20 of Rs. 25 8

Motor Cycle 1500 2400 400 10 of Rs. 200 4

Refrigerator 2000 2800 400 12 of Rs. 200 2

The installments on the refrigerator could not be kept up and it was returned on 26th March, 2002. Stock in hand on 31st March 2002 excluding the returned refrigerator was valued at Rs. 7,210. Prepare the Hire Purchase Trading Account and the General Trading Account.

Reference no: EM132031103

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