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Hire purchase

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(Querist)
03 June 2012 will profit/loss arising due to sale of repossessed goods be shown in h.p.trading account? as far as i am concerned, sale of repossessed goods is not the hire purchase and for the reason it is to be included in general trading and p/l. i am confused..............
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Ca Anand Dubey

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Ca Anand Dubey (Expert)
03 June 2012 Actually by selling the repossessed goods you are recovering the amount from customer thats why you can book it as profit/loss on H.P. business
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Soumitra Basu

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Soumitra Basu (Expert)
03 June 2012 Profit from sale of Reprocessed goods is not an ordinary business transaction. Therefore, it should be shown in Profit & Loss Account under the head Other Income.
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