goods repossessed a/c
This query is : Resolved
03 November 2011
what is goods repossessed a/c and wat is goods repossession ???can any one help me out quickly?
CA Anshu Agarwal
(Expert)
04 November 2011
in case of sale under hire purchase system, when the purchaser defaults in payment of any instalment the seller of goods may take back the goods so sold. this is called goods repossession.
a separate account is opened for such goods, that is called as goods repossessed a/c.
for details, refer to accounting under Hire Purchase system.
a separate account is opened for such goods, that is called as goods repossessed a/c.
for details, refer to accounting under Hire Purchase system.
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