✪✪✪✪✪ WORK FROM HOME! Looking for WORKERS for simple Internet data entry JOBS. $15-20 per hour. SIGN UP here - http://jobs.theaudiopedia.com ✪✪✪✪✪ ✪✪✪✪✪ The Audiopedia Android application, INSTALL NOW - https://play.google.com/store/apps/details?id=com.wTheAudiopedia_8069473 ✪✪✪✪✪ What is HIRE PURCHASE? What does HIRE PURCHASE mean? HIRE PURCHASE meaning - HIRE PURCHASE definition - HIRE PURCHASE explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Hire purchase (abbreviated (HP) this is an arrangement whereby a customer acquires an asset by paying an initial installment (e.g. 40% of the total) and repays the other part of the cost of the asset over a period of time or term for a contract, in which a purchaser agrees to pay for goods in parts or a percentage over a number of months. In Canada and the United States, a hire purchase is termed an installment plan although these may differ slightly as in a hire purchase agreement the ownership of the good remains with the seller until the last payment is made. Other analogous practices are described as closed-end leasing or rent to own. The hire purchase agreement was developed in the United Kingdom in the 19th century to allow customers with a cash shortage to make an expensive purchase they otherwise would have to delay or forgo. For example, in cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the owner. If the buyer defaults in paying the installments, the owner may repossess the goods, a vendor protection not available with unsecured-consumer-credit systems. HP is frequently advantageous to consumers because it spreads the cost of expensive items over an extended time period. Business consumers may find the different balance sheet and taxation treatment of hire-purchased goods beneficial to their taxable income. The need for HP is reduced when consumers have collateral or other forms of credit readily available. These contracts are most commonly used for items such as car and high value electrical goods where the purchasers are unable to pay for the goods directly. If the seller has the resources and the legal right to sell the goods on credit (which usually depends on a licensing system in most countries), the seller and the owner will be the same person. But most sellers prefer to receive a cash payment immediately. To achieve this, the seller transfers ownership of the goods to a Finance Company, usually at a discounted price, and it is this company that hires and sells the goods to the buyer. This introduction of a third party complicates the transaction. Suppose that the seller makes false claims as to the quality and reliability of the goods that induce the buyer to "buy". In a conventional contract of sale, the seller will be liable to the buyer if these representations prove false. But, in this instance, the seller who makes the representation is not the owner who sells the goods to the buyer only after all the installments have been paid. To combat this, some jurisdictions, including Ireland, make the seller and the finance house jointly and severally liable to answer for breaches of the purchase contract.
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Introduction to Hire Purchase System with format | Financial Accounting | Mathur Sir Classes #MathurSirClasses #StudyMaterial If you like this video and wish to support this EDUCATION channel, please contribute via, * Paytm a/c : 9830489610 * Paypal a/c : www.paypal.me/mathursirclasses [Every contribution is helpful] Thanks & All the Best WE NEED YOUR SUPPORT TO GROW UP..SO HELP US!! Hope you guys like this one. If you do, please hit Like!!! Please Share it with your friends! Thank You! Please SUBSCRIBE for more videos. Music - www.bensound.com Video Recording and Editing by - Gyankaksh Educational Institute (9051378712) Introduction to Hire Purchase and Installment System,hire purchase and installment system bcom,hire purchase and installment system in hindi,Hire Purchase and Installment System,hire purchase and installment system accounting,hire purchase and installment system ipcc,hire purchase and installment system bcom in english,hire purchase system,hire purchase and installment system in english,hire purchase accounting lecture,hire purchase ipcc,hire purchase system bcom
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In this Chapter we will Learn 1) Calculation of Cash Price, interest, instalments in different cases 2) Journal entry in the book of Hire Purchase and Hire Vendor 3) Ledgers in the book of Hire Purchase and Hire Vendor 4) Small Value Items 5) Hire Purchase Trading Accounts To View Full Video Lectures Visit - https://bit.ly/2PEEnUC ★ ACCOUNTS VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ COST ACCOUNTING VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ FINANCIAL MANAGEMENT VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ ECONOMICS VIDEOS ★ https://www.youtube.com/channel/UCK5RB8xNW_iOXz-rcGJZyTw?view_as=subscriber ★ INCOME TAX VIDEOS ★ https://www.youtube.com/channel/UCRRFVa1axTUdwZzc4Ta42XQ?view_as=subscriber ★ MATHS VIDEOS ★ https://www.youtube.com/channel/UCaIY3jMl7QDUWN6P6kSUYWw?view_as=subscriber STUDY TIPS ऐसे पढोगे तो हमेशा TOPPER बनोगे | Study Tips https://bit.ly/2QUXaew ENGLISH – Fatafat (Easy Way to Learn English) अंग्रेजी सीखें - फटाफट https://bit.ly/2PoAF4H ★ ExpertMotivation Channel https://bit.ly/2EsPBKC ★ For Any Information Video classes & Face To Face Batches Call +91 9268373738 E-mail: [email protected] (We Prefer emails rather than calls) Call timings Monday to Friday - Morning 10 to Evening 7 FACEBOOK: https://www.facebook.com/VijayAdarshIndia WEBSITE: http://www.vijayadarsh.com
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Meaning - Hire purchase system originated in U.K. - Hentry moore a Piano maker introduced this system in 1846 - It is defined as transaction in which the goods are let on hire with an option to the hirer to purchase them with the following stipulations 1. Payment to be made in installments over a specified period 2. the possession is delivered to the hirer at the time of entering in to the contract 3. the ownership in the goods passes to the hirer on payment of the last installment Obligation 1 To comply with the agreement. 2 To take care of goods. 3 Not to make unathorised use. 4 To give information. 5 To refund on seizure of goods. Hire purchase aggrement Hire purchase is based on an agreement.It has to be in writing and signed by both parties. The agreement must contain 1. Description of the goods 2. Hire purchase price of the goods 3. The date of commencement of the agreement. 4. The number of instalments ,amount, and due date Advantage i. Financing of an asset through hire purchase is very easy. ii. Hire purchaser becomes the owner of the asset in future. iii. Hire purchaser gets the benefit of depreciation on asset hired by him/her. iv. Hire purchasers also enjoy the tax benefit on the interest payable by them. Disadvantage i. Ownership of asset is transferred only after the payment of the last installment. ii. The magnitude of funds involved in hire purchase are very small and only small types of assets like office equipment’s, automobiles, etc., are purchased through it. iii. The cost of financing through hire purchase is very high.
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Video shows what hire purchase means. A method of purchasing an item, where the buyer hires it and takes possession of it and pays regular installments. Ownership is only transferred on payment of the final amount. Abbreviated as HP.. hire purchase synonyms: never-never. Hire purchase Meaning. How to pronounce, definition audio dictionary. How to say hire purchase. Powered by MaryTTS, Wiktionary
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DOWNLOAD CHAPTER PDF:- http://pdf.conceptonlineclasses.com/student/MzI= Join the WhatsAap group to help you become CMA CMA FOUNDATION join through- https://chat.whatsapp.com/EqsoEWY18RM4yXr3OfyMnn CMA Inter Group 1 join through- https://chat.whatsapp.com/F41t4yvR3QK5ERWrCRvllZ CMA Inter Group 2 join through- https://chat.whatsapp.com/J8CqQb421QT4dn9G359AYj CMA Final Group 1 join through- https://chat.whatsapp.com/K6sw0lq2cetBseeW2DIBt1 CMA FInal Group 2 join through- https://chat.whatsapp.com/FBD4r6hEdKR9cdx8llWfXn All other students who want to have CMA knoweldge can join- https://chat.whatsapp.com/DOHxqHwnzoIAXVH2ihovOJ For CA,CS,B.Com,Class 12 and Class 11 we will soon make a group Demo Lecture of Hire Purchase for Class 11th,Class 12th,B.com,M.com,CA,CMA,CS by CA/CMA Santosh Kumar. Visit https://www.conceptonlineclasses.com/ for full lectures Call us on 7303445575, 9999631597, 8448322142 Like and follow us on facebook- https://www.facebook.com/pages/catego... Link for other Lectures :- Hire Purchase (Stock and Debtor Method):- https://youtu.be/N0kZgfe5qNU
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Confused about car financing? We don't blame you, it can be a pretty hard to understand the ins and outs at first, but don't worry we're here to help! Watch OSV's straightforward guide to HP (Hire Purchase) and get down all the basics in just minutes! Subscribe to the OSV channel for more quick finance guides plus your own FREE guide to vehicle finance (plus lets not forget our independent car reviews): http://www.youtube.com/subscription_center?add_user=OSVLtdVehicleSupply Visit the OSV website: http://www.osv.ltd.uk/
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A hire-purchase or financing ownership is essential when you want to own a vehicle.But, before signing any document, do you really understand the term and condition written in the document? Do you know the rights under hire purchase laws. In Malaysia, hire purchase is governed by the Hire Purchase Act 1967 (“HP Act”).
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What is hire purchase agreement ? Show the features of hire purchases Show the journal entries of hire puchases and and the hire vendor Show the perfoma of hire purchases What is the difference between hire purchase and instalment
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This Video Give The Basic Concept & Basic Logic's of What is Hire Purchase, Hire Vendor & Hire Purchaser ? Urdu / Hindi ZPZ Education Channel Link: www.youtube.com/channel/UCwFzeQDf9cGm_ZeTXV_t5SA
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Video shows what hire means. Payment for the temporary use of something.. Reward, payment.. The state of being hired, or having a job; employment.. hire synonyms: employment, employ. hire pronunciation. How to pronounce, definition by Wiktionary dictionary. hire meaning. Powered by MaryTTS
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Hire Purchase is the most secured and effecting tool of collecting the proceeds of a credit sale. As now a days books are maintained in a double entry system by all big houses and multinationals. Sale is the key factor for the success of the business as profit of an organisation depends on its volume of sales. A big business house can effect sales on cash basis as well as on credit basis and that's how credit sale becomes the essential for growth of the system. In this lecture you will learn the meaning and concept of hire purchase, hire-purchaser, hire vendor, goods repossessed , hirer, cash purchase price, down-payment, hire purchase price, hire purchase charges and you will solve some problems based on these terms and different cases. Calculation of interest when rate of interest is given, you will solve the problems using balance sheets. Questions are provided to you. You can note the questions for your convenience. The solutions are provided to you in step by step manner. These steps are really important if you wish to score full marks. so guys if you like the video do share it with your friends . Students are advised that don't waste your crucial time to listen useless things because it is the time to do study hard and make your future secure so focus only on your study we are always there for you guys for any IMPORTANT UPDATES and for SOLVING YOUR PROBLEMS so guys please watch this video a must watch video GUYS DON'T FORGET TO WATCH OUR PREVIOUS VIDEOS *APPLICABILITY of GST in CA-IPCC(old course)MAY-18 ATTEMPT||Module||practice manual||assessment year| https://youtu.be/Ua3IUUN26DE *COST OF CAPITAL PART-1OF 3||B.COM(PROG. & HONS.) FINAL YEAR||REGULAR & SOL||FINANCIAL MANAGEMENT|| https://youtu.be/BvnojX9PW1o *COST OF CAPITAL PART-2OF 3||B.COM(PROG. & HONS.) FINAL YEAR||REGULAR & SOL||FINANCIAL MANAGEMENT|| https://youtu.be/F0NqEskcV9I *COST OF CAPITAL PART-3 OF 3||B.COM(PROG. & HONS.) FINAL YEAR||REGULAR & SOL||FINANCIAL MANAGEMENT|| https://youtu.be/KpYdWQDoXuY *INTRO OF COMPANY SECRETARY- https://youtu.be/temX5baXX5w * PRESENTATION TIPS TO SCORE HIGH MARKS IN CA-IPCC https://youtu.be/xWMnmtvxPnQ *7 AMAZING TIPS TO GET EXEMPTION IN IPCC(INTERMEDIATE)- https://youtu.be/PNMH6uJkWI0 * MOTIVATIONAL VIDEO FOR EVERY CA,CS, CMA STUDENT- https://youtu.be/u_tABNhrVvg *HOW TO CRACK CA-CPT IN FIRST ATTEMPT- https://youtu.be/ZvmQ0lAwcho *COMPLETE DETAIL OF CHANGE IN CA-CPT- https://youtu.be/BjdBz8KSMPc *CS procedure and details https://youtu.be/Muj8tvGZWuc *is maths required for CA https://youtu.be/ytDWPDLuZKU *how to study in less time b,com first year https://youtu.be/A7zPnEImQBk *procedure of exemption in ca-ipcc https://youtu.be/b6gB804tltw *what can we do with b.com to get success https://youtu.be/W6XB_iNsAfM How TO Score Good Marks In CA | How To Prepare Notes For CA ipcc ( Intermediate) - CONCEPT REGISTER https://youtu.be/5RFeGWEbdI0 AND MANY MORE USEFUL VIDEO... SO DO NOT FORGET TO SUBSCRIBE COMMERCE KEY. If you want to give any SUGGESTIONS about this video to us so please don't hesitate and tell us in the COMMENTS SECTION IMPORTANT NEWS if you have any queries then you can either asked in COMMENT SECTION or SENT AN EMAIL provide YOUR MOBILE NUMBER and a GROUP NAME** you want to JOIN to us on [email protected] ** GROUP NAMES are prescribed in comment section and follow us on Instagram for MOTIVATIONAL QUOTES BOTH LINKS are provided in COMMENT SECTION
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Hire Purchase full video course can be found here https://www.studykhazana.com/coursedetails/accounting-for-hire-purchase-financial-accounting-bcom-pass-1st-year Learn more about financial accounting : https://www.studykhazana.com/coursedetails/financial-accounting-bcom-pass-1st-year Important courses and tutorials for BCOM can be found here https://www.studykhazana.com/Courses/graduation/bcom Illustration 1:- Calculate the amount of Interest and Installment in the following. Case-1: Down Payment -20% Balance -Rs 8,00,000 by way of four annual instalments. Rate of Interest - 20%pm Compounding of Interest -At yearly rest Hire Purchase is the most secured and effecting tool of collecting the proceeds of a credit sale. As nowadays books are maintained in a double entry system by all big houses and multinationals. sale is the key factor for the success of the business as a profit of an organization depends on its volume of sales. A big business house can affect sales on the cash basis as well as on credit basis and that's how credit sale becomes essential for growth of the system. In this lecture you will learn the meaning and concept of hire purchase, hire-purchase, hire vendor, goods repossessed, hirer, cash purchase price, downpayment, hire purchase price, hire purchase charges and you will solve some problems based on these terms and different cases. Calculation of interest when rate of interest is given, you will solve the problems using balance sheets. Questions are provided to you. You can note the questions for your convenience. The solutions are provided to you in step by step manner. These steps are really important if you wish to score full marks. SUBSCRIBE to Watch More Tutorials & Lectures Visit: https://www.youtube.com/c/StudyKhazana ** Stay Connected with Us ** https://www.facebook.com/studykhazana https://twitter.com/studykhazana Full Course and Lecture Videos now available on (Study Khazana) login at http://studykhazana.com/ Contact Us : +91 8527697924 Mail Us : [email protected]
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Hire Purchase System Under the Hire-Purchase system, goods are delivered to the buyer (called the “Hire-purchaser”) in return for his undertaking to pay agreed amounts at specified intervals for a certain period, and on the understanding that at the end of that period when the payments completed, the goods become his absolute property. Hire Purchase has the following characteristics. (a) Instantaneous delivery of goods (b) Payment in instalments (c) Interest (e) Right to repossess in case of default (f) Instalments to be treated as hire (g) Liability for the outstanding instalments (h) Liability for future or undue liability (i) Undertaking by the hire purchaser In this Chapter we will Learn 1) Calculation of Cash Price, interest, instalments in different cases 2) Journal entry in the book of Hire Purchase and Hire Vendor 3) Ledgers in the book of Hire Purchase and Hire Vendor 4) Small Value Items 5) Hire Purchase Trading Accounts To View Full Video Lectures Visit - https://bit.ly/2PEEnUC ★ ACCOUNTS VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ COST ACCOUNTING VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ FINANCIAL MANAGEMENT VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ ECONOMICS VIDEOS ★ https://www.youtube.com/channel/UCK5RB8xNW_iOXz-rcGJZyTw?view_as=subscriber ★ INCOME TAX VIDEOS ★ https://www.youtube.com/channel/UCRRFVa1axTUdwZzc4Ta42XQ?view_as=subscriber ★ MATHS VIDEOS ★ https://www.youtube.com/channel/UCaIY3jMl7QDUWN6P6kSUYWw?view_as=subscriber STUDY TIPS ऐसे पढोगे तो हमेशा TOPPER बनोगे | Study Tips https://bit.ly/2QUXaew ENGLISH – Fatafat (Easy Way to Learn English) अंग्रेजी सीखें - फटाफट https://bit.ly/2PoAF4H ★ ExpertMotivation Channel https://bit.ly/2EsPBKC ★ For Any Information Video classes & Face To Face Batches Call +91 9268373738 E-mail: [email protected] (We Prefer emails rather than calls) Call timings Monday to Friday - Morning 10 to Evening 7 FACEBOOK: https://www.facebook.com/VijayAdarshIndia WEBSITE: http://www.vijayadarsh.com
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To get customized help with your management accounting homework, visit http://classof1.com/homework-help/management-accounting-homework-help/ Hire Purchasing and Leasing: In a hire purchase contract the owner undertakes to hire the goods to the customer for a fixed term and to transfer the property to the latter when all installments of hire have been duly paid. The ownership in the goods continues to vest with the owner till agreed price is paid in full.
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Here are the top 15 most expensive deals and buys from the Pawn Stars show on the History channel. Like us on Facebook: https://www.facebook.com/TopTrending Follow us on Twitter: https://twitter.com/TopTrending Commentator: http://www.youtube.com/user/BaerTaffy 15 Most Expensive Buys On Pawn Stars
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Hire purchase is explained and examples on hire purchase are done using the simple interest formula. Visit the Mindset Learn Website: http://www.mindset.co.za/learn Join us on Facebook: http://www.facebook.com/learnxtra Follow us on Twitter: http://twitter.com/learnxtraa [( ID )]
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Ess video mh Hum apko btayenge ki Hire purchase ka meaning kya hota hai eski kaise accounting hoti hai. Esme kya kya theory part h ur kya numerical hai ur es kitne tarah ke methods hote hai. Ur AS-19 kya khta hai. Like subscribe share krna na bhule Dekhne ke lye thanks.
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Dear Friends in this We have tell the complete process of How to Remove HIRE-PURCHASE/LEASE/HYPOTHECATION from Vehicle RC
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The secret to attracting higher quality guys Purchase my course "The Psychological Game of Attraction": https://dalexis-school.thinkific.com WORK WITH ME 1-1: https://mindfulattraction.org/inner-game-coaching/ Purchase seminars & books: https://mindfulattraction.org/new-products-1/ JOIN MY FB GROUP: https://www.facebook.com/groups/mindfulattraction20 Follow me on twitter for updates: Twitter.com/dalexispe Follow me on instagram: @dalexisp -Focus on yourself to attract the right guys -You can only control the process, not the outcome -It’s about self-esteem, boundaries and your expectations, not looks, materialistic items, being funnier, good conversationalist, etc. -You attract the self-esteem that reflects your self esteem -Teaching a woman new tips instead of how to have self -esteem is treating the symptom not the cause (deodorant comparison) -Observe what is motivating your behavior and actions-what is the intent of your actions? -Needing a particular outcome means that it feels like something to you is missing -In reality it’s a societal construct that you need to be in a relationship to be “full” and fulfilled -Really, the problem is externalized and you are being diverted from the issue of what is going on inside of you-seeking validation is an escape -You will resent relationships if you go into relationships seeking happiness directly from the relationship; this creates a victim mentality over time and a mindset that perpetuates a vicious cycle in the future --Notice-what is the image you have of yourself? (Not mentioned in this video but reminds me of when you talk about the technique of imagining the version of yourself you want to be-I forgot the name I think it was from Psycho-Cybernetics?) -6:34-“The behavior and attraction that you feel for certain guys is a result of empathizing and clicking with an emotional frequency that reflects your emotions” -When 2 broken hearts/people with self-esteem/victim mentalities meet, they unite because they create an enemy of the world-this creates a dependent relationship. Signs-over insecurity, dependency, jealousy -It’s the same thing with someone who has high self-esteem-a person on a different frequency will leave. -You will have a physical reaction by not being attracted to that unconsciously and will find yourself more attracted to high quality guys (8:56) -That doesn’t mean you won’t meet bad ones from time to time-it means you’ll leave quicker, you’ll be more intuitive to what you want -Become more present and derive sense of self from the present moment -Who you are is based on memories and preconceived roles and expectations but who were you before those roles were assigned -As a baby and over time there were many changes (ex. physiological) but your consciousness and were still there -When you began to feel negative emotions and undergo various experiences, your current sense of self developed -Observe the emotions and be aware without attaching yourself to the thoughts that arise from them -Become aware of the physical sensations of your emotions -You will feel an “emotion” of low self-esteem but the story will not be there. Can manifest itself in different ways-being shy, afraid, holding yourself back, anger, etc.-just observe it -The more you experience an uncomfortable emotion in a relaxed way the more you can be okay with it -The feeling of low self-esteem comes from you suppressing it-then you make it stronger by giving it more attention. So just see it -After a while you’ll notice your actions become motivated from presence and not fear/low self-esteem -You’ll accept less of what you don’t want and derive sense of self not from others’ reactions but from presence and your relationships will improve. -Compound vs isolated exercises comparison compound=higher self esteem -Use mindfulness, meditation, and presence to improve self esteem -Manipulation and flirting tactics work but won’t attract higher quality relationships like working on self-esteem and presence will.
Views: 42459 Mindful Attraction 2.0
In this lecture we are discussing what is hire purchase transaction, basic concept related to hire purchase transaction e.g. Hirer, vendor, cash price, hire purchase price, down payment, Interest, Installment etc. How to prepare analysis of payment, calculation of installment, cash price, Interest, depreciation etc.with practical examples. Accounting entries in the books of Buyer (hirer), and Vendor (seller) etc. A short and informative lecture to aid Commerce, 11th,12th, B.Com, BMS, BFM BAF and M.com. students. From :- Rakesh Sir Rakesh Sir Group Tuition Thanks for watching this lecture, bye and have a nice day.
Views: 2962 Rakesh Yadav
Financial expert and money.co.uk editor in chief Hannah Maundrell explains how to buy a car - your finance options explained. What is the best way to pay for a new car? https://www.money.co.uk/guides/what-is-the-best-way-to-pay-for-a-new-car.htm 10 steps to improve your credit rating https://www.money.co.uk/guides/10-steps-to-improve-your-credit-rating.htm ______________________________________ * SOCIAL MEDIA & CONTACT LINKS* Facebook - https://www.facebook.com/www.money.co.uk Twitter - https://twitter.com/moneycouk Website - https://www.money.co.uk
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HP or Hire Purchase agreements enable customers to purchase their vehicle, without a getting weighed down up front with the total cost of the car. Customers can break down the cost into a deposit and manageable monthly payments. At the end of the contract, the vehicle belongs to the customer. Watch our video to find out more.
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Explained the concept and procedure of partial repossession in Hire Purchase system. Question Information: On 01.01.2010 Chetali purchased from Deepali three machines costing Rs.2,00,000 each payable Rs.50,000 down and three annual installments of Rs.60,000 for each machine at the end of each year. The purchaser charges depreciation on machines @ 10% p.a. on written down value method. Chetali could not pay second instalment and Deepali took possession of two machines. Value of the Machines repossessed was to be determined after charging 25% depreciation under straight line method. Deepali paid Rs.10,000 for repairs on repossessed machines and sold them for Rs.80,000 each. Show the necessary accounts in the books of Both the parties. Student can also watch following lectures related with the same topic : 1. Full Repossession in Hire Purchase : https://www.youtube.com/watch?v=Te8cJDfvuGI 2. Mid Year Partial Repossession in Hire Purchase : https://www.youtube.com/watch?v=ZdfHRqHYgnE Students can download relevant study material from the below mentioned link for better understanding of the concepts... Download Assignments: https://drive.google.com/drive/folders/0BzfDYffb228JNW9WdVJyQlQ2eHc?usp=sharing #HirePurchase #Repossession #Accounting
Views: 102295 CA. Naresh Aggarwal
Interest rates are RISING. You should have a sense of urgency. Why? Because postponing financed purchases means your "cost of money" will soon be higher. When interest rates are FALLING, investors have a sense of complacency. That's because postponing a purchase reduces your cost of capital. Interest rates are still near historic lows. __ Want More Wealth? Download my free E-Book at: http://www.GetRichEducation.com/Book Listen to all of our shows with the Get Rich Education listener app! Apple | Android.
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StudyAtHome.org is a Online/Offline Platform, that provides CA/ CS/ CMA classes from India's Best Professors at your Home. To Buy Complete Lectures mail us on [email protected] or call on 08737 012345 Watch Video on How to Invest in Stock Market - https://youtu.be/IXRej6AH0wg
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visit: https://www.catejwani.com/2242-2/ Difference between sale and agreement to sale Sale-agreement of sale property and risk transfer immediately – property and risk both not transferred It is executed contract – executory Seller can sue price – only damages if price not paid Liability of buyer – liability of seller Suit for damages -only damages because goods are still and recover the goods lying with seller. Sale and hire purchase It is considered both are similar but in legal incidents both are quite different. Sale-hire purchase Property immediately-last installment Buyer is owner- bailee. Not terminate bound to pay price-can terminate without paying remaining instalments. Insolvency risk on seller-vendor can take back the goods. Buyer can transfer title –hirer can not Tax at the time of contract-at last installment. Sale and bailment Sale-bailment Property transferred –possession transferred for safe custody, carriage, repair etc. Goods not returned - returned when purpose accomplished. Consideration exists in money-may or may not (gratuitous or not gratuitous) Sale and contract of work or labour both are different. Gold supplied to goldsmith or all colour given to painter are contract of labour or work not sale. Formalities of contract of sale (section 5) No specific form in act. But it can be made any of following modes: immediate delivery immediate payment of price and delivery at some future date. both are immediate Both in future Both are in installment. Subject matter of contract of sale: Section - 6 existing or future goods. Contingent contract – e.g. Cloth to be manufactured –may or may not happen Future goods only agreement to sale is possible. Destruction of subject matter: (section 7 and 8) Not exist at the time of contract – specific goods without knowledge of the seller or buyer destroyed. Mistake of fact. Void ab initio Perishing after contract: without fault of buyer or seller – void. Generally risk is transferred at the time of contract hence buyer will suffer, but however risk is not transferred seller is responsible. Ascertainment of price Price means monetary consideration for goods. Section – 9 fixed by contract Fixed in a manner like valuer. Dealing between party. If not fixed in above manner. Pay reasonable price which is a question of fact. Section 10 price has to be fixed by the third party. He does not make, agreement is void. If third party is prevented by either of party, party at fault is liable for the party who is not at fault.
Sale vs Hire purchase agreement in sale of Goods Act 1930 Sale Hire Purchase Hirer gets right to use the goods by paying regular installments, but does not become owner, until all installments are paid. Sale may be an executed contract. Hire Purchase is an executory contract. ‘Sale’ is governed by the Sale of Goods Act, 1930. Hire purchase agreement is governed by Hire Purchase Act, 1972. The parties in a contract of sale are buyer and seller. The parties in a hire purchase agreement are hirer and hire vendor. A contract of sale can be made orally, implied from the conduct of parties or in writing. A hire purchase agreement can be made only in writing. In sale, the ownership of goods is transferred to the buyer immediately on Sale. In Hire Purchase, the ownership is transferred to the hirer on full payment of all installments. The goods are at the risk of the buyer after Sale. In Hire Purchase, risk of goods does not pass to hirer, until he becomes owner of goods. In Sale, Buyer does not get rights to return the goods after sale In Hire Purchase, the hirer may, at any stage, terminate the contract and return the goods to the hire vendor. In Sale, installment payment is regarded as part payment of price. In Hire Purchase, the installments paid by the hirer are regarded as hire charges for use of goods. Sales tax is payable as soon as ‘sale’ is made. In Hire Purchase, Sales tax is payable on exercising the option to purchase the goods after paying all the instalments by the hirer. In Sale, Buyer can immediately resell the goods. In Hire Purchase, Hirer cannot resell until the last instalment is paid. In sale, on insolvency of buyer, the seller gets ratable dividend only on the amount due. In Hire Purchase, on insolvency of the hirer, the hire vendor can take re-possession of goods. Sale is subject to the implied condition and warranties. Hire Purchase agreements are not subject to such condition and warranties.
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https://lo.primelending.com/swoloszyk What happens if the appraised value comes in higher than the purchase price? Can I tap into this equity and use it towards my down-payment? What happens if the appraised value comes in lower than the purchase price? By Steven Woloszyk NMLS #442306. Video Transcript Good morning friends, it’s Steven Woloszyk from Prime Lending. Today is Tuesday, it’s August 16th and that means it’s time for Tuesday’s 2 minute tip. So question that I get quite regularly is, ‘Hey Steven what happens if I agree to buy a home at 150 but it appraises at 160? Can I use that difference for my down payment or for my home improvements or maybe for that big screen TV?’ The answer to that question is no. Can’t do that. We’re going to go by the appraised value or the purchased price, the lesser of the two. So you can tap into instant equity. You made a great decision, congratulations but what’s more likely to occur especially in the market that we’re in today, where people are offering above list price is that there’s a chance that the appraised value could come in lower than we agreed to pay for the price of the home and there are 4 scenarios that can happen. Number 1, the house is agreed upon at 150. It appraises at 145, buyer says ‘okay, I’m agreeing to the 150. I’m going to pay 150 and I’m just going to come up with the difference out of my pocket because in essence we agree to market market when we came to terms at 150.’ Number 2, the buyer can say, ‘forget this. I’m not paying 150 for a house at 145. Seller, sell it to me for 145.’ Number 3, the buyer and seller can come to terms and maybe meet in the middle. ‘Alright, I agree to pay 150. The appraisal is 145. Let’s meet in the middle and let’s do 147.5’ or four, the deal could fall a part altogether. Buyer can say forget it, everybody can dig their heels in and we have no deal. That’s not likely to occur especially if a value of 5 grand difference between purchase price and appraised value but those are the possible outcomes. That’s Tuesday’s tip, its what happens if the appraised value is higher or lower than the agreed upon the purchased price. I thank you as always for tuning in. Hitting like, sharing and commenting and as always, make it a great day. The views expressed on this site are those of the individual author and do not necessarily represent those of PlainsCapital or its subsidiaries. Legal Link = www.primelending.com/legal Prime Lending 8025 Creekside Drive, Suite 200, Portage Michigan 49024
Views: 717 Steven Woloszyk - Wa-LUSH-ick - NMLS #442306
Explained the accounting treatment and procedure followed at the time of full repossession of goods in 'Hire Purchase' Connect on Facebook : https://www.facebook.com/ca.naresh.aggarwal Download Assignments: https://drive.google.com/drive/folders/0BzfDYffb228JNW9WdVJyQlQ2eHc?usp=sharing
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