a) Sonice Limited acquired ground compressor machines on January 1, 2016 from Weezy (financing) Limited...
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a) Sonice Limited acquired ground compressor machines on January 1, 2016 from Weezy (financing) Limited under a two year hire purchase agreement. This required an immediate deposit of GHS96,000 and a further half yearly instalment of GHS96,000 starting on July 1, 2016. The cash price was GHS452,640. The company's financial year ends on 30th September. Assume that the finance charge is GHS27,360 and the Hire purchase price is GHS480,000. The allocation of the finance charge is allocated as follows: Year end 30th September, 2016 30th September, 2017 30th September, 2018 GHS 14,880 11.040 1,440 Required: i) Ground Compressor Machines Account in) Hire Purchase Vendor/Weezy (financing) Limited Account iii) Hire Purchase Interest Payable Account iv) Provision for Depreciation Account v) Statement of Profit or Loss Statement of Financial Position (10 marks)
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