On January 1, 2015, A purchased a machine (under Hire Purchase System) from B valued at 37,000.
Question:
On January 1, 2015, A purchased a machine (under Hire Purchase System) from B valued at ₹37,000. A sum of ₹5,000 was paid at the time of signing the contract and the balance in four yearly instalments of ₹8,000 plus interest at 5% payable on 31st December each year. The machine was depreciated at 10% on Diminishing Balance Method. Show Machine Account, Interest Suspense Account and Vendor’s Account for four years in the books of A.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (4 reviews)
To solve this problem we need to prepare the Machine Account Interest Suspense Account and Vendors Account for four years Well calculate the values of ...View the full answer
Answered By
Collins Njuguna
I graduated from Maseno University with a Bachelor of Science in Applied Statistics. After graduation, I started tutoring students in mathematics. My experience in mathematics education is extensive and varied. I have taught a wide range of topics, including algebra, geometry, trigonometry, calculus, statistics, probability, and computer science. I have also worked with students of all ages and backgrounds, from elementary school to college.
My teaching method is based on the idea of hands-on learning. I believe that students learn best when they are actively engaged in the learning process, so I focus on giving students the tools they need to explore the material on their own. I also emphasize the importance of practice and review, as these are essential for mastering math concepts.
I have also developed several online and in-person courses on mathematics. My courses are designed to help students learn mathematics in an efficient and comprehensive way, and I use a variety of activities and exercises to ensure that my students are engaged and motivated.
Overall, my passion for mathematics and teaching has allowed me to be a successful tutor and educator in the field. I am confident that my experience will help your students master the mathematics they need to succeed.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
Question Posted:
Students also viewed these Business questions
-
X Ltd purchased machinery on hire purchase system from Y Ltd on 1st January, 2016. The terms were that X Ltd would pay 20,000 down on signing the contract and 4 instalments of 11,000 each commencing...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Where is the line in the sand the point where such behaviors are so destructive that you feel that the relationship needs to end?
-
How does the demand curve faced by a purely monopolistic seller differ from that confronting a purely competitive firm? Why does it differ? Of what significance is the difference? Why is the pure...
-
Researchers conducted an experiment to test the effects of alcohol. The errors were recorded in a test of visual and motor skills for a treatment group of 22 people who drank ethanol and another...
-
An article in the Wall Street Journal in late 2022 noted that FedEx Corp.s warning of a sharp drop in package deliveries set off fresh worries among investors about the outlook for the global...
-
Compute the specified ratios using Bryce Companys balance sheet at December 31, 2008. Assets Cash ............... $ 18,000 Marketable securities ......... 8,000 Accounts receivable ......... 13,000...
-
1 Explain briefly about six sigma and capacity maturity models? 2 Explain about the contemporary management practices taking place in Indian business model? 3 4 What is performance management?...
-
On 1st January, 2016, Engineer purchased machinery from Marshall on hire purchase system, over a period of three years. 5,000 was payable on delivery on 1st January, 2016 and the balance by following...
-
On 1st January 2015 Wellman Co. Ltd purchased a machine from Machinery Co Ltd. on the hire-purchase system. The cash price of the machine was 33,525. Wellman Co. Ltd. paid 9,000 forthwith and 9,000...
-
Gilliland Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are: 1. Issue 90,000 shares of common stock at $30 per share. (Cash...
-
Explain custodial model of US prison system.?
-
The late 1990s saw a huge number of initial offerings of common stock by Internet start-up companies. How might the lemons model be applied to these initial offerings? Did subsequent events bear out...
-
Describe what the conclusion was from this "consideration" process. Identify and provide details on at least two of the benefits Sam anticipates by pursuing an enterprise architecture approach.
-
Teacher pay and liquor sales A study found a strong positive correlation between average teacher salaries and liquor sales over a 12-month period. Does this suggest that we should not pay teachers...
-
Explain the importance of consistent branding. Next, give an example of a brand or company you feel does an effective job in carrying through it's brand identity through its IMC campaign components...
-
Brandon Wholesalers has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Brandon Wholesalers has experienced the following...
-
Which of the following raises the credibility of areport? Which of the following raises the credibility of a report? Multiple Choice avoiding predictions avoiding the use of cause-effect statements...
-
Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows. (a) Payment for selling expenses (b) Issuance of bonds...
-
Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows. (a) Payment for selling expenses (b) Issuance of bonds...
-
Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows. (a) Payment for selling expenses (b) Issuance of bonds...
-
Gregor Olson works at the National Bank branch in Copenhagen. According to the banks records, there is currently an outstanding loan of $380,000 to Danville Bus Services, a company that schedules...
-
1 . Briefly deliver a short individual presentation on methods by which feedback can be elicited, analysed and interpreted. Content: Introduction, Preview of the presentation, informing the audience...
-
Introduction: In the late 1950s and early 1960s, an anthropologist, C.M. Turnbull, travelled to the Ituri Forest in the present-day country of the Democratic Republic of the Congo (formerly Zaire) to...
Study smarter with the SolutionInn App