On 1st January, 2016, the Black Colliery Co. Ltd. purchased five wagons on the instalment system from
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On 1st January, 2016, the Black Colliery Co. Ltd. purchased five wagons on the instalment system from Burn & Co Ltd. The cash price of the wagons was ₹7,45,000 and ₹2,00,000 was to be paid on signing the agreement and the balance in 3 instalments of ₹2,00,000 each at the end of each year. Interest is charged at 5% p.a. by the Burn & Co Ltd. The company has decided to write off 10% annually on the Diminishing balance of the cash value. Make the entries and open the necessary accounts in the books of the Black Colliery Co. Ltd. and Burn & Co. Ltd.
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Black Colliery Co Ltd Journal Entries On 1st January 2016 Purchased wagons from Burn Co Ltd Wagon Ac...View the full answer
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Related Book For 
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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