Rado Cabs purchased an omni van on Jan 1, 2008 from Narain & Co, Delhi on hire purchase basis. It was agreed upon to make payment as under:

Rs

Jan 1, 2008

on signing the agreement –

62,100

Dec 31, 2008

at the end of first year –

1,19,790

Dec 31, 2009

at the end of second year –

1,19,790

Dec 31, 2010

at the end of third year –

1,19,790

Nothing more payable after third installment. All the installments are duly paid by Rado Cabs. Interest was reckoned @ 10% p.a. depreciation was charged @ 20% p.a. on diminishing balance. Rado Cabs closes its books on 31 Dec every year. Prepare the following accounts in the books of Rado Cabs upto Dec 31, 2010. (1) Narain & Co. Account (2) Omni Van Account and (3) Interest Account