MyQuestionIcon

25

You visited us 25 times! Enjoying our articles? Unlock Full Access!

Redemption through Payment in Installments

In hire purch...

Question

In hire purchase, ownership of the property is transferred to the hirer on the payment of the ______ instalment.

A

first

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

second

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

third

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

last

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is D last
In hire purchase, ownership of the property is transferred to the hire on the payment of the last installment

Suggest Corrections

thumbs-up

0

Similar questions

Q. Under the hire-purchase arrangement, ownership of the asset remains with the supplier until the dues are settled.

Q. If the hire purchaser fails to make payment of any installment, it is called

Q. A hire purchase company charges

5 %

SI per annum on goods sold under instalment scheme. An article priced Rs.

12000

was hire purchased with a down payment of Rs.

3000

. If the company allows only

12

monthly instalments for repayment, find the monthly instalment amount to be paid.

Can we transfer the ownership we hold by selling the share at a higher price than our purchase price?

Q. The cash price of a machine is Rs. 1,20,000 and its hire purchase price is Rs. 1,50,000 to be paid in five equal yearly installments. If a company purchases the machine on hire purchase basis, the amount of capital expenditure will be _______________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Payment in instalments-I

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Redemption through Payment in Installments

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon