when goods are sold on instalment payment system, then what entries are passed in the books of the buyer and vendor?
Added by Jason W.
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When the buyer purchases the goods on installment, the buyer will record the total cost of the goods as an asset and a liability for the total amount due to the vendor. The entry in the buyer's books will be: **\text{Asset (Goods)} = \text{Liability (Amount Due Show more…
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