2. 2. On 1st January, 2018 Bharat Steels Ltd. bought a machine on hire purchase system basis. The cash price of the machine was Rs. 22,350 and the payment was to be made as Rs. 6,000 on signing the agreement and the balance in three installments of Rs. 6,000 each at the end of each year. The rate of interest charged by the vendor is 5% p.a. The depreciation is calculated at 10% annually on the diminishing balance of the asset. Pass the necessary journal entries.

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