M/s Sona & Co sells goods on Hire Purchase System at cost plus 50%. Prepare H.P. Debto Account, Shop Stock Account, Stock Account and H.P. Adjustment Account from the year ending Mar 31, 2009.
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Rs |
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Apr1, 2008 |
Stock with H.P. customers at selling price |
54,000 |
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Stock at shop at cost |
1,08,000 |
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Installments Overdue |
30,000 |
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Mar 31, 2009 |
Cash received from customers |
3,60,000 |
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Goods Repossessed (Installments due Rs 16,000) |
3,000 |
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valued at Rs 3,000 which was included in the stock at the end; |
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Goods purchased during the year |
3,60,000 |
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Stock at shop at cost |
1,23,000 |
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Installments Due |
54,000 |