Hire purchase

Accountancy

In the question it is mentioned that repossession was done on 1st January, 2017. Whether repossession entries to be made on 31st December, 2016 or 1st January, 2017(because they didn't pay the installment due on 31st December 2016)

Nivedha Balaji

CA Final

★ 9K+

04-Apr-20 12:22

709

Answers (3)

1st January.

CA Suraj Lakhotia

Admin

04-Apr-20 20:51

But in similar question in study material, they have passed the entries on Dec.

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Thread Starter

Nivedha Balaji

CA Final

★ 9K+

04-Apr-20 22:56

Thread Starter

Nivedha Balaji

But in similar question in study material, they have passed the entries on Dec.

Its a mistake in the study material. But it has to be passed on 1st January only

ruchi lahoti

CA Inter

★ 27K+

15-May-20 13:00