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  • Hire-Purchase Accounting Entries

    Hello<BR>Can you help?<BR><BR>If you purchase a company car on Hire Purchase as follows what are the accounting entries?<BR><BR>a Total cash price including VAT £30,000<BR>b Advance payment £ 8,000<BR>c Balance of cash price £22,000<BR>d Interest charge £ 4,992<BR>f Acceptance fee payable first rental £ 95<BR>g Purchase fee payable final rental £ 40<BR>h Total charge for credit d+f+g £ 5,127<BR>i Total amount payable £27127<BR><BR>Payable 35 monthly rental £460.77<BR>Final rental £11,000.05
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