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Discuss the james and the balance sheet entry

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Question: On 1st January, 1961, A. James obtained two motor vehicles, the total cash price of which was £2,400. Payment was to be made as follows:

(1) A deposit of £400.

(2) Four half-yearly instaknents of £538, the first being payable on 30th June, 1961. Interest at the rate of 6% per annum is included in the instalments.

In the accounts for the Trading Year to 31st December, 1961, depreciation at the rate of 20% per annum is to be written off the Motor Vehicles. Show the above transactions in the ledger of A. James and the Balance Sheet entry at 31st December, 1961.

Reference no: EM131537908

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