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What is Hire-Purchase System characteristics?
There are some salient characterisitics to the Hire-Purchase System. The cash price of goods is paid in installment on agreed terms. The title to goods passes on last payment. The Hire Vendor (Seller) can take possession of goods if Hirer fails to pay an installment. The Hirer is not responsible for risk of loss of goods, till the ownership is transferred. The Hirer cannot mortgage, hire or sell or pledge the goods. The Hirer has got a right to terminate the agreement at any time before the property so passes.
What is the diff btw hire purchase and deffered payment?
Hire purchase involves a buyer acquiring an asset by paying an initial deposit and then making regular installment payments over a specified period until the total purchase price is paid. Ownership of the asset is transferred to the buyer once the final payment is made. Deferred payment, on the other hand, allows a buyer to take possession of an asset immediately but delay full payment until a later date, often with added interest or fees. The buyer does not own the asset until the full payment is made in deferred payment schemes.
If the profit made by the pen for Rs 10 is as much as its cost what is the cost price of pen?
If the profit made by the pen for Rs 10 is equal to its cost, then the profit is equal to the cost. Let's denote the cost price of the pen as x. Therefore, the profit made would also be x. According to the given condition, x = 10. So, the cost price of the pen is Rs 10.
What is the journal entry if actual price paid on credit for a raw material exceeds its standard price?
debit raw material purchasedcredit cashit doesn't have any impact on payment as variance is an internal matter of business.
Why does net asset value of a business not change when assets are purchased on credit?
The net asset value of a business remains unchanged when assets are purchased on credit because the increase in assets is offset by an equal increase in liabilities. When a business acquires an asset, it adds to its total assets, but it simultaneously incurs a liability equal to the purchase price, reflecting the obligation to pay for the asset in the future. Thus, the overall net assets, calculated as total assets minus total liabilities, remain the same.
How are installment loans are calculated?
amount finaced=cash price - down payment
What shows how installment loans are calculated?
amount financed= cash price- down payment
What is a down payment?
a portion of the purchase price that is paid as a condition of getting a loan. In other words, it is the first payment in installment buying.
What is the average price for a new Chevrolet Suburban LTZ?
The average price of a new Chevrolet Surburban LTZ would land to an average of $43K. If you're looking for a installment, the price will estimate to a payment of $629/mo with savings of $2.1K.
You want to buy laptop by installment in thane What are installment amount per month?
To buy a laptop in Thane in installment,the monthly installments will depend with the price of the laptop.
A sofa can be purchased for 635.59 cash or on the installment plan with a 75 down payment and 24 payments of 30 each How much money will you pay over the price of the sofa if you use the installme?
$159.41
What actors and actresses appeared in The Installment Collector - 1929?
The cast of The Installment Collector - 1929 includes: Fred Allen as The Newspaper Editor Alonzo Price as The Installment Collector
Is amount financed equal to the cash price plus the down?
No, the amount financed is not equal to the cash price plus the down payment. Instead, the amount financed refers to the total amount of the loan after subtracting the down payment from the cash price. It represents the money borrowed to purchase the item, which may also include additional costs such as taxes, fees, and interest, depending on the financing agreement.
What is an installment purchase agreement?
An installment purchase agreement is a contract between a buyer and a seller that allows the buyer to purchase goods or services by making regular, scheduled payments over time rather than paying the full price upfront. This type of agreement typically outlines the total purchase price, the payment schedule, interest rates (if applicable), and the consequences of default. It is commonly used for large purchases, such as vehicles or appliances, making it easier for buyers to manage their finances. The seller usually retains ownership of the item until the final payment is made.
How do you find hire purchase price?
To find the hire purchase price, first determine the cash price of the item you wish to purchase. Then, calculate the total interest and any additional fees associated with the hire purchase agreement. Add these costs to the cash price to get the total hire purchase price. Finally, divide this total by the number of payment installments to find the amount payable per installment.
What is the profit on 80 shares sold at 23.25?
The profit is the sale price minus the purchase price minus the transaction costs.
How do you minus vat?
Work out 17.5% (current vat rate 2010) of the items price then minus the answer from the original price of the item
