Accounting · Instalment Payment System
Consider the following statements regarding the Instalment Payment System: Statement 1: The legal ownership of the goods is transferred from the seller to the purchaser immediately upon the signing of the contract. Statement 2: In the event of a default in the payment of instalments, the seller possesses the legal right to repossess the goods from the purchaser. Which of the statements given above is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement 1 is false, but Statement 2 is true.
- 2Statement 1 is true, but Statement 2 is false.✓
- 3Both statements are false.
- 4Both statements are true.
Correct answer
Statement 1 is true, but Statement 2 is false.
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