The following details relate to a dealer in pressure cooker who disposes off them on Hire Purchase System. Assuming his gross profit on sales to be 20% and there were no opening or closing creditors for goods or expenses, prepare H.P. Trading Account for the year ended Mar 31, 2009:
|
Rs |
||
|
Apr 1, 2008: |
Stock out on hire at H.P. Price |
80,000 |
|
Stock on hand at shop at cost |
10,000 |
|
|
Installments over due, customers still paying |
6,000 |
|
|
Mar 31, 2009: |
Stock out on hire at H.P. Price |
92,000 |
|
Stock on hand at Cost |
14,000 |
|
|
Installments over due, customers still paying |
10,000 |
|
|
Cash purchases during the year |
1,20,000 |
|
|
Credit purchase during the year |
16,000 |
|
|
Cash (installments) received during the year |
1,60,000 |
|
|
Hire Purchase expenses paid during the year |
14,800 |