Madras Taxi Services Co. Ltd. purchased 3 taxis on 1.1.2016 from the Auto Services, Madras on hire
Question:
Madras Taxi Services Co. Ltd. purchased 3 taxis on 1.1.2016 from the Auto Services, Madras on hire purchase system. It was agreed upon to make payment as under:-
Nothing more was payable after the 3rd instalment.
All the instalments are duly paid by the Madras Taxi Services Co. Ltd. Interest was reckoned @ 10% p.a. Depreciation was charged @ 20% p.a. on diminishing balance. Madras Taxi Services close its books on 31st December every year. Prepare : (1) Auto Services Madras Account; (2) Taxi Account; and (3) Interest Account.
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Year 2016 Auto Services Madras Account Date Particulars Debit Credit 112016 Madras Taxi Services Co ...View the full answer
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Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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