Namaste All, I am unable to reason why reversing of loading is done for "H.P.Stock A/c"(both opening & closing) and on the "Goods Sent on Hire Purchase A/c" in H.P Trading Account. Also why loading is not reversed to "Installments due A/c" ? (is it do to it having characteristic of Trade Recievable).
If my query is replied in context with Accounting Concept of Prudence in addition with reference with Accounting Standard, i would be grateful.
Request Note for Moderators: I am eagerly waiting for reply on this topic, since i didn't receive reply for this topic posted under " Accounting Entries"(posted a few days ago), i am posting the same here too, in anticipation of reply. Please Excuse/pardon me for the same .
CAclubindia
