Whether i can pass entries for Truck Hire Charges Payable without any party name. Just crediting Truck Hire Charges Payable.
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Payable account
Replies (2)
it should br better to disclose the party name,bcoz the dept may ask further question on that
- Under Hire Purchase system the assets are subject to the ownership till the last instalment is paid .
- So its much better to disclose the actual owner (as creditor) of that assets in accounting entries instead of truck HP payable A/c.
Thanks
Shankar
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