Krishna Traders sell on H.P. terms consumable durables. Details of its activities during 2008–2009 are as shown below:
|
Particulars |
TV |
Washing Machine |
AC |
|
No. of Units sold |
50 |
40 |
20 |
|
Cost per unit |
Rs 10,000 |
Rs 12,000 |
Rs 18,000 |
|
Price per unit on delivery |
Rs 2,500 |
Rs 4,000 |
Rs 6,000 |
|
Balance in |
10 months |
32 bi monthly |
12 Quarterly |
|
Installment of |
Installment of Rs 500 |
Installments of |
|
|
Rs 1,250 each |
Each |
Rs 2,200 each |
|
|
No. of Installments received |
490 |
800 |
55 |
Two washing machines on which only 6 installments in all and one air conditioner on which 3 installments were received, were repossessed as the customers defaulted in payment of subsequent installments. These were taken back at original cost less 30%.
Prepare H.P. Trading A/c for the year ended Mar 31, 2009 at Cost Price.
You are required to prepare
- Hire Purchase Trading Account
- General Trading Account