After reading this article you will learn about Hire-Purchase:- 1. Meaning of Hire Purchase 2. Features of Hire Purchase 3. Legal Position 4. Method of Computing. Meaning of Hire Purchase: Hire purchase means a transaction where goods are purchased and sold on the terms that: (i) Payment will be made in installments, (ii) The possession of the goods is given [...]
After reading this article you will learn about the Accounting for Lease as per Accounting Standards (AS)–19:- 1. Scope of Lease 2. Definitions of Lease 3. Classification 4. Financial Statements of Lessees 5. Financial Statements of Lessors 6. Sale and Leaseback Transactions. Contents: Scope of Lease Definitions of Lease Classification of Leases Leases in the Financial Statements of Lessees Leases [...]
This article throws light upon the top two types of lease. The types are: 1. Operating Lease 2. Financial Lease. Type # 1. Operating Lease: An operating lease is usually characterised by the following features: (i) It is a short-term lease on a period to period basis. The lease period in such a contract is less than the useful life [...]