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AnswerRamesh purchased a machine costing Rs. 60.000 under hire purchase system. He paidRs. 20.000 as down payment and the remaining in two instalments yearly with 10% interestWrite the journal entries in the books of the buyer.​pls answer me quickly

Answer»

Answer:

Machine a/c.dr.60000

to CASH a/c 20000.

to INSTALLMENT a/c 40000

1st installment a/c dr.44000

to 10%interest a/c 4000

to cash a/c. 40000

2nd installment a/c dr.44000

to 10%interest a/c 4000

to cash a/c. 40000



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