ILLUSTRATION 18. (Where goods are sold both for cash and hire purchase). Venus Enterprises sells goods for cash and hire purchase. The rate of gross profit for hire purchase sales is 32 per cent on cost, and cash sales are made at the hire purchase price as reduced by 1/11th. The Trading Account is constructed on the basis that full credit is taken on hire purchase deliveries as well as on the cash basis. The hire purchase trading did not commence till 1st February, 2014. The Trading Account of the concern for the year ended 31st December, 2014 was as follows: To Opening Stock 2,10,000 By H.P. Sales 13,39,800 To Purchases 10,75,000 Less : Returns 14,850 13,24,950 Gross Profit 3,54,950 By Cash Sales 1,80,000 By Closing Stock 1,35,000 16,39,950 16,39,950 Instalments received during the year amounted to $7,96,950. Returns of $14,850 represents unpaid instalments on repossessed goods; which have been included in closing stock at a valuation of $10,000. The original cost of repossessed goods is $15,000. Ascertain the correct profit of the concern on hire purchase and general trading by preparing Hire Purchase Trading Account, General Trading Account and Goods Repossessed Account