QUESTION ONE (10 Marks)

Rushnot Real Estate Enterprise sold goods on hire purchase in its first year of operations as

follows:

GHS

Deposits and Installments 73,333.3

Cost of sales 60,000

Cash price of Estates 100,000

An estate costing GHS1,200 and sold on hire purchase for GHS2,000 to Asempa Budget

Company were repossessed after the deposit of GHS666.7 and 2 monthly installments of

GHS266.7 had been received. These cars were then reconditioned at a cost of GHS66.7

and sold for GHS400.

Required

Prepare the following accounts to give effect to the above transaction:

(a) Hire Purchase Sales

(b) Purchases

(c) Hire Purchase Trade Receivables

(d) Hire Purchase Trading

(e) Repossession

(f) Provision for Unrealized Profit

please i need the answers within the next 1 hour . Thank you

its a hire purchase question