Basic query in accounting
This query is : Resolved
09 October 2013
whether below statement is correct? Please explain
"Assets purchased under hire-purchase system were reflected at their Full value and the outstanding installments payable have been included under sundry creditors."
I will be very much thankful to you.
"Assets purchased under hire-purchase system were reflected at their Full value and the outstanding installments payable have been included under sundry creditors."
I will be very much thankful to you.
14 October 2013
Statement is partly correct. asset under hire purchase can be shown as full value and outstanding instalment need to show under loans( Liability)
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