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hire purchase can be treated as LT loan
can we treat the hire purchase loan for purchase of lorry/cranes more than 12month be treated as long term loan while calculating the effective capital under schedule xiii of companies act.
Replies (1)
No, not at all. Hire purchase transaction consists of payment of Hire charges (RENT) with an option to purchase. The entity has no liability on itself to puchase the same. It cannot be treated as a loan
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