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What entry is made in the hirer's books when the vendor repossesses a part of the goods?
  • a)
    Credit Asset Account and Debit Hire Vendor’s Account
  • b)
    Debit Asset Account and Credit Hire Vendor’s Account
  • c)
    Credit Hire Vendor’s Account and Debit Goods Repossessed Account
  • d)
    Debit Hire Vendor’s Account and Credit Asset Account
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
What entry is made in the hirer's books when the vendor repossesses a ...
In partial repossession, the hirer debits the Hire Vendor’s Account and credits the Asset Account with the agreed value of the asset repossessed.
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What entry is made in the hirer's books when the vendor repossesses a part of the goods?a)Credit Asset Account and Debit Hire Vendor’s Accountb)Debit Asset Account and Credit Hire Vendor’s Accountc)Credit Hire Vendor’s Account and Debit Goods Repossessed Accountd)Debit Hire Vendor’s Account and Credit Asset AccountCorrect answer is option 'D'. Can you explain this answer?
Question Description
What entry is made in the hirer's books when the vendor repossesses a part of the goods?a)Credit Asset Account and Debit Hire Vendor’s Accountb)Debit Asset Account and Credit Hire Vendor’s Accountc)Credit Hire Vendor’s Account and Debit Goods Repossessed Accountd)Debit Hire Vendor’s Account and Credit Asset AccountCorrect answer is option 'D'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What entry is made in the hirer's books when the vendor repossesses a part of the goods?a)Credit Asset Account and Debit Hire Vendor’s Accountb)Debit Asset Account and Credit Hire Vendor’s Accountc)Credit Hire Vendor’s Account and Debit Goods Repossessed Accountd)Debit Hire Vendor’s Account and Credit Asset AccountCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What entry is made in the hirer's books when the vendor repossesses a part of the goods?a)Credit Asset Account and Debit Hire Vendor’s Accountb)Debit Asset Account and Credit Hire Vendor’s Accountc)Credit Hire Vendor’s Account and Debit Goods Repossessed Accountd)Debit Hire Vendor’s Account and Credit Asset AccountCorrect answer is option 'D'. Can you explain this answer?.
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