Financial Accounting by R. Lalitha, V. Rajasekaran

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Chapter 12

Accounting for Hire - Purchase and Installment

LEARNING OBJECTIVES

After studying this chapter, you will be able to understand

1. Meaning of Hire-Purchase System
2. Meaning of the Terms Associated with Hire-Purchase System
3. Meaning and Contents of Hire-Purchase Agreement
4. Salient Features of Hire-Purchase System
5. The Components of Total Hire-Purchase Price and the Process of Calculation and Allocation of Their Different Situations
6. The Rule 78
7. The Accounting Treatment – Methods of Recording Transactions in the Books of Hire Purchase and Hire Vendor
8. The Meaning of Default and Repossession and the Accounting Treatment: Full Repossession and Partial Repossession
9. The Format of Hire-Purchase Sales Register and the Method of Usage
10. The Methods .

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