on 1st april 2018

On 1st April 2018 M/s KMR acquired a machine on hire purchase from M/s PQR on the following terms: (1) Cash price of the machine was 32,40,000 (2) The down payment at the time of signing the contract was 96,000. (3) The balance amount is to be paid in 3 equal annual instalments plus interest. (4) Interest is chargeable @ 8% p.a. On this basis prepare the H.P. Interest Suspense Account and Account of M/s PQR in the books of the purchaser for the period of hire purchase