Prasanna purchased machinery from Bangalore Machinery Ltd. on 1 January 2010 on hire purchase system. The payment is to be made as follows: Rs. 50,000 paid at the time agreement, Rs. 3,70,000 at the end of 2010, Rs. 3,40,000 at the end of 2011 Rs.
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Rs 50000 paid at the time of agreement Rs 37000 at the end of 2010 Rs 340000 at the end of 2011 Rs 3 10000 at the end of 2012 Rs 280000 at the end of 2013 cash price of machinery Rs 1050000 rate of interest 12% per annum charged dep on machinery@ 25 % per annum on diminishing balance method
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