Hire purchase
This query is : Resolved
25 November 2012
Can you please explain in accounting for "Hire Purchase transactions for small values"
How Hire Purchase Price - Cost Price = Profit ?
How Hire Purchase Price - Cost Price = Profit ?
Amol S Joglekar
(Expert)
26 November 2012
As the name indicates it is purchase on HIRE. (Rent) Obviously, the seller/vendor will charge some thing more than the regular price(cost). That will be regarded as profit of HIRE
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