ignore the scribbles and doodles

Question 1 PC Limited acquired ground compressor machines on January 1, 2015 from Intercontinental (financing) Limited under a two year hire purchase agreement. This required an immediate deposit of GHS96,000 and a further half yearly instalment of GHS96,000 starting on July 1, 2015. The cash price was GHS452,640. The company's financial year ends on 30th September Assume that the finance charge is GHS27,36, and the Hire purchase price is GHS480,000. The compressor is expected to have a 5 year useful life. The allocation of the finance charge is allocated as follows: 205 35 , he 24026 1 12 Jan Fey Year end GHS 30th September 2015 (14,880 30 September 2016 111,040 ow 30th September,2017 No 17,440 o aliw Required: Prepare i) Ground Compressor Machines Account ii) Hire Purchase Vendor/Intercontinental (financing) Limited Account Hire Purchase Interest Payable Account iv) Provision for Depreciation Account V) Statement of Profit or Loss Extract vi) Statement of Financial Position Extract net reur Jason C