📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      With respect to hire purchase and installment sale

      transactions, which of the following statement is incorrect?
      A Under hire purchase system, hire purchaser will pay cost of purchased asset in installments Correct Answer Incorrect Answer
      B Under hire purchase system, the ownership of the goods will be transferred by the hire vendor after payment of down payment (i.e. before first installment) Correct Answer Incorrect Answer
      C Under installment system, ownership of the goods is transferred by owner on the date of delivery of goods Correct Answer Incorrect Answer
      D Depreciation on hire purchased asset is claimed by hire purchaser Correct Answer Incorrect Answer

      Solution

      The correct answer is B

      Practice Next
      More Accounts Questions

      Relevant for Exams:

      ask-question