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Hire purchase journal

Posted by newstarter PM | on Wed, 30/11/2011 - 09:51  4639  14 comments | report

Client bought a van for £8225 inc vat [ie £7k net]- vat was 17.5%

deposit was £1000

total finance £7225. Client reclaimed vat correctly. Term of loan is 36 months

what is the journal required to bring the asset and HP liability into the accounts?/......thanks in advance everyone

Comments
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Interest-free HP?

Euan MacLennan | Wed, 30/11/2011 - 10:04
Euan MacLennan's picture

sorry forgot to add that 36

newstarter | Wed, 30/11/2011 - 10:19

If you have a supplier

emsabobs | Wed, 30/11/2011 - 10:30

Disagree!

Richard Willis | Wed, 30/11/2011 - 10:44
Richard Willis's picture

Sorry.....was my first ever answer

emsabobs | Wed, 30/11/2011 - 10:48

agreed

uktaxpal | Wed, 30/11/2011 - 11:06

A bit harsh Richard ...

Old Greying Accountant | Wed, 30/11/2011 - 11:14
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Sorry OGA, I have to disagree with you too!

Richard Willis | Wed, 30/11/2011 - 11:33
Richard Willis's picture

Oh

Richard Willis | Wed, 30/11/2011 - 11:51
Richard Willis's picture

I defer to your knowledge Richard ...

Old Greying Accountant | Wed, 30/11/2011 - 13:42
Old Greying Accountant's picture

Of course we can all make mistakes!

Richard Willis | Wed, 30/11/2011 - 14:18
Richard Willis's picture

At least two right ways

neileg | Wed, 30/11/2011 - 14:51

@Neileg

Richard Willis | Wed, 30/11/2011 - 16:18
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@Richard

neileg | Wed, 30/11/2011 - 16:34