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Hire purchase Problem....??

IPCC 777 views 1 replies

Goods sold on HP at cost plus 50%

1- stock with customers at HPP (opening) Rs 162000

2- stock in hand at shop (opening)  Rs.324000

3- Instalments overdue(opening) Rs.135000

4- purchases during the year   Rs 1080000

5- Goods repossesed(instalment not due Rs. 36000)  Rs. 9000

6- stock at shop excluding goods repossesed (closing) RS 360000

7- cash recieved during the year Rs 1035000

8- Instalments overdue(closing) Rs162000

 

Vendor spent Rs2000 on goods repossesed and then sold it for Rs15000. Calculate Profit/loss on repossession and profit/loss on sale? Kindly show workings also if possible...

 

Thanks in advance...

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