What is the Difference between hire purchase and a finance
Lease
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Answer Posted / jagdish
hire purchase : in the hire purchase all the below
conditions should be there is not required.
Lease : The lease period covers a substantial part of its
useful life.
At the inception of the lease the present value of the
minimum lease
rentals is almost equal to the fair value of the asset as
on that date.
The leased asset is a specialized asset which cannot be
used by anyone
other than the lessee without major modifications
| Is This Answer Correct ? | 20 Yes | 11 No |
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