Roadmasters Ltd. sold a motor lorry to Transport Corporation Ltd. under a hire-purchase agreement. Terms : 20,000
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Roadmasters Ltd. sold a motor lorry to Transport Corporation Ltd. under a hire-purchase agreement. Terms : ₹20,000 on signing the agreement on 1st January, 2015 and ₹20,000 in annual payments thereafter on 1st January for three years. The annual payments included the interest chargeable at 5 per cent. Present value of Re. 1 per annum for five years at 5 per cent is ₹4.33. Show the Transport Corporation Ltd’s Account in the books of Roadmaster Ltd.
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Year 1 Date Account Description Debit Credit 1st Jan 2015 Transport Corporation So...View the full answer
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Related Book For 
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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