Garret Sdn. Bhd. bought a heavy equipment by hire purchase with the followingagreement: i. 15% deposit...
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Garret Sdn. Bhd. bought a heavy equipment by hire purchase with the followingagreement: i. 15% deposit of the cash price which is RM11,900. ii. Interest of 20% of the outstanding balance is charged. iii. The amount payable is paid in 12 monthly instalments. (a) Calculate the deposit amount, hire purchase price and the difference between the hire purchase price and the cash price. (10) (b) Elaborate the situations which allow owner to have a right to repossess asset according to Section 16, Hire Purchase Act 1967. (10) Garret Sdn. Bhd. bought a heavy equipment by hire purchase with the followingagreement: i. 15% deposit of the cash price which is RM11,900. ii. Interest of 20% of the outstanding balance is charged. iii. The amount payable is paid in 12 monthly instalments. (a) Calculate the deposit amount, hire purchase price and the difference between the hire purchase price and the cash price. (10) (b) Elaborate the situations which allow owner to have a right to repossess asset according to Section 16, Hire Purchase Act 1967. (10)
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a Calculation Given information Cash price RM11900 Deposit 15 of cash price Interest rate 20 Number of monthly instalments 12 Step 1 Calculate the deposit amount Deposit 15 of Cash Price Deposit 015 R... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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