Hire Purchase

Describe the rights of a hirer under purchase agreement.

Leave a Comment / BCOC-131 FINANCIAL ACCOUNTING /

Introduction In a hire purchase agreement, the hirer gets the right to use an asset while paying for it in installments over a specified period. However, the ownership of the asset remains with the seller until all installments are paid. This financing method is widely used for acquiring consumer goods and capital equipment. Understanding the […]

Describe the rights of a hirer under purchase agreement. Read More »

What are the characteristics of a hire purchase agreement?

Leave a Comment / BCOC-131 FINANCIAL ACCOUNTING /

Introduction A hire purchase agreement is a financial arrangement in which a buyer agrees to purchase goods through installment payments. Ownership of the asset is transferred only after the final payment is made. This system is commonly used for acquiring expensive goods such as vehicles, machinery, or electronics, particularly by businesses and individuals who prefer

What are the characteristics of a hire purchase agreement? Read More »

Disabled !