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Chaitra Ltd had purchased a Machinery on hire purchase system from Kshema Ltd on 1.1.2012. The terms are that Chaitra Ltd would pay Rs 20000

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Chaitra Ltd had purchased a Machinery on hire purchase system from Kshema Ltd on 1.1.2012. The terms are that Chaitra Ltd would pay Rs 20000 down on signing the agreement and 4 annual instalments of 11000 each at the end of each year. Chaithra Ltd charged depreciation at the rate of 10%per annum on WDV system. Kshema Ltd Charged interest at 10%p.a. Prepare Machinery account and Kshema Ltd's A/c in the books of Chaitra Ltd Pass journal entries in the books of Kshema Ltd

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