Thomas sells goods on hire purchase at cost Plus 60%. He provides the following information for the period ending Mar 31, 2009:
|
Apr 1, 2008 |
Rs |
|
Stock with hire purchase customers at selling price |
6,000 |
|
Stock at the shop at cost |
2,500 |
|
Installments overdue |
4,000 |
|
Mar 31, 2009 |
|
|
Total Installments that feel due during the year |
94,720 |
|
Cash received from customers (including down payments of Rs 7,720) |
87,720 |
|
Goods Repossessed (Installments due Rs 250) |
200 |
|
Stock at that shop at cost (Including goods repossessed Rs 200) |
1,000 |
|
Purchases |
60,000 |
|
Hire expenses |
1,700 |
Prepare the necessary Ledger Account to record the above transactions and compute the profits.