we were being given dis question to solve as an assignment in my school Dorben poly.i hav tried my best possible stil d solution is erroneous.Pls, i wil be grateful if my problem is solved.Dis is d question below:
On jan 1, 2000, Blakky acquired a generator under a 2 years hire agreement requiring an immediate deposit of N400 and 4 yearly installments of N400 commencing 1 July, 2000. The cash price was N3600.Blakky prepared his accounts annualy on 30th september and apportioned d finance charge of N400 to d year ended 30 sept,2000,N150;2001,N125;2002,N75 and 2003,N50.
Prepare:
1. Asset account
2. Hire vendor account
3. Hire purchase interest account
4.Hire purchase interest suspense account
5. Interest payable account