Renu Ltd has a hire purchase department and goods are sold on hire purchase at cost plus 60%. From the following particulars, prepare H.P. Trading Account to ascertain Profit or Loss for the year ending Dec 31, 2009.
|
Jan 1, 2009 |
Rs |
|
Goods with H.P. customers (at H.P. Price) |
80,000 |
|
Dec 31, 2009 |
|
|
Goods sold on H.P. during the year (at H.P. Price) |
4,00,000 |
|
Cash received during the year from customers |
2,80,000 |
|
Goods received back from customers (Installments due Rs 10,000) valued at |
1,500 |
|
Goods with hire purchase customers (at H.P. Price) |
1,80,000 |