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What are the differences between hire purchase and credit sales?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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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 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 is the difference between hire purchase and installment sales?
Whd0
What is the difference 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. 9634357689
Who transfers funds between banks involved in the credit card sales?
The Federal Reserve Bank
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 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.
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.
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
What is the journal entry for goods return?
If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx
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 different between sales credit and cash credit?
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 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).
Explain the difference between a cash and credit transaction for purchass and sales?
explain the difference between cash and credit transaction
What are the forms in quickbooks?
Quickbooks forms include sales receipts, purchase orders, invoices, statements, credit memos, estimates, and sales orders.
What is the difference between cash and credit sales?
when you purchase something with cash that's what you have available right then and there. with credit you don't have to pay out of pocket right away. you are having someone else hold an accounting for the amount you have spent and send you a bill that is best paid off upon receiving it, to avoid interest.AnswerCash sale you pasy with dollars, credit sale you pay with credit or debit card
