On 1 April 2009, Mr X purchased from Ms Y et Cie a “Motor Truck” under a lease purchase system, with a payment of USD 5,000 on delivery and the balance to be paid in five annual instalments of USD 7,500 on 31 March each year. The cash price of the truck is $US 37,500 and sellers charge interest of 5% per year on annual credits. Mr X`s depreciation policy consists of depreciating on a straight-line basis 20% per annum, on the basis of a residual value. If you do not normally take VAT into account when paying an invoice, you cannot use such an approach for lease purchase agreements. In the Purchase Invoice window, click on More options > TVAtprocessing > the VAT processing details and enable “Take INTO ACCOUNT VAT if this invoice is issued, unpaid”. Since all payments made and financing costs are attributable to the result, the only remaining balances should be on a service lease that has been given a residual position; (1) The net book value of the fixed asset, since it is not fully depreciated, and (2) the residual value taken. The rental purchase system is a special system for buying and selling goods. In this system, the buyer pays the price of the goods in instalments. Rates can be annual, six months, quarterly, monthly, fourteen days, etc. Under this system, the goods are delivered to the buyer at the time of the contract before the payment of measurements, but ownership of the goods is transferred after payment of all instalments in accordance with the rental contract.  The seller treats his assignment of goods as a sale after having separated, according to the party, from the ownership of such goods, although he is still the legal owner of the goods on that date. . .

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