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What is the difference between hire purchase and credit sales?
Reshmiseeks
1. hire purchase(HP) is an agreement of hire, whereas credit sales is an agreement of sale.
2. ownership of goods is transferred from hire vendor to hire purchaser only when the last installment is paid, but in sales, ownership is transferred immediately to the buyer.
3. price is paid by the hire purchaser through installment which is treated as hire, but in sales price is paid in lumpsum or according to the agreement of sale.
4. the hire vendor can repossess the goods on default. but in sales the seller cannot take back the goods, whatever is the case.
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Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
What is the difference between hire purchase and installment sales?
Whd0
What is difference between sales book and purchase book?
A sales book is for recording sales (money you receive) a purchase book is for recording your purchases (money you pay).
What was the historical difference between consumer finance companies and sales finance companies?
The consumer finance companies has been servicing credit since 1916. The sales finance companies has been in since 1940.
What are the differences between hire purchase and credit sales?
1. hire purchase(HP) is an agreement of hire, whereas credit sales is an agreement of sale. 2. ownership of goods is transferred from hire vendor to hire purchaser only when the last installment is paid, but in sales, ownership is transferred immediately to the buyer. 3. price is paid by the hire purchaser through installment which is treated as hire, but in sales price is paid in lumpsum or according to the agreement of sale. 4. the hire vendor can repossess the goods on default. but in sales the seller cannot take back the goods, whatever is the case.
What is the difference between a purchase on account and a sale on account?
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
Difference between purchase day book and sales day book?
The purchase day book is the book of original entry in respect of credit purchase, including both invoices and credit notes. This is the book where credit purchase transactions are recorded. Like Sales day book, purchase day book also maintain in a manual accounting system.
Explain the difference between a cash and credit transaction for purchass and sales?
explain the difference between cash and credit transaction
What is the difference between the sales return and purchase return?
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What is the difference between hire purchase and installment sales?
Whd0
Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
What is difference between sales book and purchase book?
A sales book is for recording sales (money you receive) a purchase book is for recording your purchases (money you pay).
What are the differences between a cash and credit transaction for purchase and sales?
With Credit card you have to pay the credit company back later, cash is paid and over with if used.
What is the difference between sales and cash sales?
In cash sales, payments are made instantly by the buyer/customer to the seller, where as in credit sales, the payments are generally made after a specific period as agreed upon between the buyer and the seller.
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
If you purchase a new vehicle and trade one in is the 6 Pennsylvania sales tax calculated on the full purchase price or with the trade in amount deducted?
Sales tax in Pennsylvania is calculated on the difference between the sales price of the car and the trade-in amount. This is usually called the "money difference"
