Mr. X sells goods at hire purchase price. Hire purchase is made of profit at 50% on hire purchase price (cost). Calculate profit from the information given below for the year 2008:
|
2008 |
Rs |
|
|
Jan 1 |
Installments due in the beginning |
16,000 |
|
Dec 31 |
Installments due during the year |
50,000 |
|
Cash received during the year |
60,000 |
|
|
Goods sold during the year |
48,000 |
|
|
Installments unpaid (not due) on 31 Dec |
12,000 |
|
|
Goods repossessed during the year (Amount Due Rs 1,000) |
100 |