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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
What is the difference between finance lease and installment paying?
When you enter into a retail installment sales contract for the purchase of a vehicle, your down payment and your monthly payments go toward the total purchase price of your vehicle. When you have paid off the financing, you own your car. When you lease a vehicle, you make payments to use the vehicle over the term of your lease. However, you don't own your car. At the end of your lease, you return it to the lessor.
Distinguish between the Bailment and hire purchase?
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 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 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 the sales return and purchase return?
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What are the eight types of business transaction?
cash sales, credit sales,purchase on account,collection from sales on account,settlement of purchase on account, direct purchase on cash,installment sales and installment payment
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
What is the difference between finance lease and installment paying?
When you enter into a retail installment sales contract for the purchase of a vehicle, your down payment and your monthly payments go toward the total purchase price of your vehicle. When you have paid off the financing, you own your car. When you lease a vehicle, you make payments to use the vehicle over the term of your lease. However, you don't own your car. At the end of your lease, you return it to the lessor.
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"
How do you record a journal entry for an installment sale?
Installment A/r(dr) Installment sales(cr)
What are the difference between installment sale and credit sale?
An installment sale involves the buyer making a series of payments over time to purchase an asset, with ownership typically transferring at the end of the payment period or upon completion of the final payment. In contrast, a credit sale allows the buyer to take immediate possession of the asset while agreeing to pay the seller later, usually in a single payment or a shorter-term installment plan, with ownership transferring at the time of the sale. Installment sales often involve longer payment terms and may include interest, while credit sales are generally more straightforward and immediate.
If a corporation sells certain capital equipment for more than their initial purchase price the difference between the sales price and the purchase price is called a?
A profit.
Distinguish between the Bailment and hire purchase?
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 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 installment sales?
What are the main advantages and disadvantages of instalment sales?
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.
