X transport ltd purchased from delhi motors 3 tempos

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Reference no: EM13581161

X Transport Ltd. purchased from Delhi Motors 3 Tempos costing Rs. 50,000 each on the hire purchase system on 1-1-2004. Payment was to be made Rs. 30,000 down and the remainder in 3 equal annual instalments payable on 31-12-2004, 31-12-2005 and 31-12-99 together with interest @ 9%. X Transport Ltd. write off depreciation at the rate of 20% on the diminishing balance. It paid the instalment due at the end of the first year i.e. 31-12-2004 but could not pay the next on 31-12-2005. Delhi Motors agreed to leave one Tempo with the purchaser on 1-1-2006 adjusting the value of the other 2 Tempos against the amount due on 31-12-2005. The Tempos were valued on the basis of 30% depreciation annually. What will be the value of Tempo left with buyer & taken away by seller at the end of 2nd Year.

Reference no: EM13581161

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