On 1 April 2018, Connie Ltd agreed to purchase an equipment from J Jon Company, The cash price was RM 8,000. Instead of paying cash, he entered into hire purchase agreement, the terms of which were
The financial year of of Connie Ltd ends on 31 March each year
You are required to prepare the following accounts in the ledger of Connie Ltd, from 1st April 2018 to 31 March 2020
i) J Jon Company
ii) Hire Purchase Suspense
Ans: (i) RM 3,600 (ii) RM 600
- A deposit of 25% cash price
- Interest of 10% per annum is applied to the balance of the cash price, the total then being payable in 8 quarterly instalments.
- The first payment was made on 30 June 2018
The financial year of of Connie Ltd ends on 31 March each year
You are required to prepare the following accounts in the ledger of Connie Ltd, from 1st April 2018 to 31 March 2020
i) J Jon Company
ii) Hire Purchase Suspense
Ans: (i) RM 3,600 (ii) RM 600
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