raja purchased an asset under hire purchase system for 60,000 payments to be made 15,000 down and three installments of 18,000 each at the end of each year rate of interest is 10% p.a. raja depreciates asset @ 10% p.a on diminishing balance method. due to financial difficulties raja could not pay any installment after first installment and selling company took possession of the asset. the selling company after spending 1,500 on repairs it sold away the asset for 38,000. prepare necessary ledger accounts in the books of both the panties