Aiou Solved Assignment 4 Code 311 Autumn 2016 Accounting

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Aiou Solved Assignment 4 Code 311 Autumn 2016 Accounting completely solved for I.com Students of aiou. The aiou assignment for book keeping and accounting 4 for code 311 is very comprehensive but short. We only include the relevant topics of this aiou assignment. This assignment has five pages and all are in hard form. This aiou assignment also explains the topics of hire purchase. You can find hire purchase characteristics.

AIOU SOLVED ASSIGNMENT 4 CODE 311 AUTUMN 2016 ACCOUNTING FOR I.COM

Before discussing the characteristics of hire-purchase system, we must know what a hire purchase agreement is and what the contents of a hire-purchase agreement are. Hire-purchase agreement means a contract between the hire vendor and the hire purchaser regarding the sale of goods under certain conditions. Usually every hire-purchase agreement shall contain the following terms:-

AIOU SOLVED ASSIGNMENT 4 CODE 311 AUTUMN 2016 BOOK KEEPING AND ACCOUNTING

• The cash price of the goods, cash price means the price at which goods may be purchased against cash payment.
• The hire-purchase price, hire purchase price means the total amount which is payable by the hire-purchaser under the agreement.
• The date on which the hire-purchase agreement will commence.
• The description of the goods that will be delivered to the hire-purchase at the commencement of the agreement.
• The number of installments to be paid by the hire-purchaser along with the amount of each installment and the date of payment of each installment.

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• The down payment if any, the down payment means the amount which is required to be paid by hire-purchaser to the hire vendor at the time of commencement of hire-purchase agreement.
• The rate interest charged by the hire vendor (optional). Characteristics of Hire-Purchase System the characteristics of hire-purchase system are as under
• Hire-purchase is a credit purchase.
• The price under hire-purchase system is paid in installments.
• The goods are delivered in the possession of the purchaser at the time of commencement of the agreement.
• Hire vendor continues to be the owner of the goods till the payment of last installment.
• The hire-purchaser has a right to use the goods as a bailer.
• The hire-purchaser has a right to terminate the agreement at any time in the capacity of a hirer.
• The hire-purchaser becomes the owner of the goods after the payment of all installments as per the agreement.
• If there is a default in the payment of any installment, the hire vendor will take away the goods from the possession of the purchaser without refunding him any amount.

AIOU SOLVED ASSIGNMENT 4 AUTUMN 2016 CODE 311

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