Hire Purchase
This query is : Resolved
18 June 2010
1.In case of a listed company how we have to account the purchase of assets in Hire Purchase System? Please provide me the journal entry too.
2. How to go about Depreciation in case of Hire purchased Assets.
3. Should we have to created any Charge in the Register of Companies?
With regards,
Rajesh.
2. How to go about Depreciation in case of Hire purchased Assets.
3. Should we have to created any Charge in the Register of Companies?
With regards,
Rajesh.
CA. PRASAD
(Expert)
19 June 2010
Entry for purchase of asset will be
Asset A/c..............Dr.
To Cash/ Bank A/c (Down Payment)
To Hire Vendor A/c (Cr. Part)
Dep. to be provided on Cash Value part only. (I.e. HP Price - Interest Component)
Asset A/c..............Dr.
To Cash/ Bank A/c (Down Payment)
To Hire Vendor A/c (Cr. Part)
Dep. to be provided on Cash Value part only. (I.e. HP Price - Interest Component)
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