Mr. Bholla commenced business on 1st January, 2017. He effected sales in cash as well as on a hire-purchase basis. During the year 2017, his purchases amounted to ₹14,500. The cash sales were for ₹12.000. the following items were sold on a hire-purchase basis as per particulars below: (all figures in ₹)    The instalments on the encylopaedia could not be kept up and the same was repossessed on August 31, 2017. The losing stock including the encylopaedia amounted to ₹5,000. Prepare the Hire-Purchase Trading Account; Memorandum Hire Purchase Debtors’ Account and the General Trading Account for the year ending December 31, 2017.

Transcribed Image Text:

Radio Cycle Encyclopaedia Cost 200 210 400 Sale Price 350 350 600 Initial Payment 50 75 100 Instalments paid during the year 125 125 150