Renu sells goods on hire purchase basis at a profit of 50% on Cost. Following particulars are relating to the business during the year 2008
|
Rs |
|
|
Hire Purchase Stock at (selling price) as Jan 1, 2008 |
18,000 |
|
Installments Due on Jan 1, 2008 |
10,000 |
|
Goods sold on H.P. during the year (at selling price) |
1,74,000 |
|
Cash received from H.P. Customers during the year |
1,20,000 |
|
Goods repossessed (installments due Rs 4,000) as valued |
1,000 |
|
Hire purchase stock (at selling price) as on Dec 31, 208 |
60,000 |
|
Installments Due on Dec 31, 2008 |
18,000 |
|
Prepare the Hire Purchase Trading Account, the Profit earned for 2008 |