Economics · Accounting Principles
Match LIST-I (Specialized Transaction) with LIST-II (Corresponding Journal Entry) in the context of Hire Purchase and Provisioning systems: LIST-I A. Creation of a Repair Reserve by the Vendor B. Recording actual repair expenses under free repair provision C. Recognition of insurance premium liability by the Purchaser D. Payment of insurance premium by the Vendor on behalf of the purchaser LIST-II I. Repair Reserve A/c Dr. To Cash A/c II. Hire Sales A/c Dr. To Repair Reserve A/c III. Hire Purchaser A/c Dr. To Cash A/c IV. Insurance Premium A/c Dr. To Vendor A/c Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A-II, B-I, C-IV, D-III✓
- 2A-I, B-II, C-III, D-IV
- 3A-II, B-IV, C-I, D-III
- 4A-III, B-I, C-IV, D-II
Correct answer
A-II, B-I, C-IV, D-III
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