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General Accounting Discussions: Hire Purchase Interest on Disposal of Fixed Asset

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    • CommentAuthortgm603
    • CommentTimeSep 15th 2009 edited
     
    May I know if a fixed asset - a car already sold out but the previous account staff do not take up the Hire Purchase Interest accordingly in 2006 & 2007( there are 3 instalment paid in 2007 unitl March before the car sold ) and car was sold in April 2007 .

    Shall I take up the previous year Hire Purchase Interest accordingly ? or just adjust the whole Hire Purchase Interest to proprietor accounts via below double entry ? Because this Proprietorship already close business in July 2008

    DR Proprietor Account
    CR Hire Purchase Interest In Suspense Account
    ( Being fixed asset sold but hire purchase interest not taken up accordingly adjusted to Proprietor Account )
    • CommentAuthortgm603
    • CommentTimeSep 19th 2009
     
    I really need assistant from member here about this problem of mine , please help. Appreciate it very much.

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