Urgent

Samresh purchased three motor cycles on 1 st January, 2014, the cash price being 56,000. The purchase is on the instalment system, 15,000 being paid on the signing the contract and theresfter 15,000 being paid annually for 3 years. Interest was charged at 5% p.a. Depreciation was charged @ 20\% per annum on the reducing instalment system. Give Journal entries and necessary ledger accounts in the books of Samresh