Business, 11.05.2021 14:00 painespeach1849

Safari limited acquired 2 new 7-ton buses on 1 January 1990 for £129,150. The cash price of these units was £90,000. The deal was financed by TPS (financing) ltd and the terms of the

hire purchase contract required a deposit of £30,000 on delivery followed by 3 instalments on

31st December 1990, 1991, and 1992 of £33,000, £33,000 and £33,150 respectively. The true

rate of interest was 30% per annum.

Required

Prepare the appropriate accounts in the books of safari ltd to record the above transactions.

Depreciation is to be charged on vehicles at 20% per annum, using straight line method.

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Safari limited acquired 2 new 7-ton buses on 1 January 1990 for £129,150. The cash price of these u...

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