When assets are acquired under Hire-purchase system , depreciation need not be provided as the vendor still continues to be the legal owner of such assets

There is no difference between instalment purchase and credit sale

There is no difference between hire purchase and instalment system

Under hire purchase the buyer has the option to return the goods

The Hire purchase Act came into force on 1st September, 1973

In hire purchase system, the ownership passes immediately to the vendor on down payment

Though the instalments of a hire purchase agreement may be equal. The interest element in each instalment is not the same

Each instalment including down payment is treated as hire charges by the

The hire purchaser can record the asset at its

Interest is charged on the amount

Assets are generally repossessed at actually agreed

Under instalment payment system the seller treats the transaction as a

Depreciation on hire purchased asset is claimed by

The amount paid at the time of entering the Hire-purchase transaction for the goods purchased is known as

The Hire-purchase Act, 1972 was to come into force on

Under Hire-purchase agreement the buyer agrees to pay

The hire purchase Act came into force from the year 1972

Under instalment payment system, ownership of goods

The cost of goods sold on hire purchase is transferred to