Classroom Activity

A seminar on “Hire Purchase” was organized to provide students with a clear understanding of hire purchase as an important method of financing consumer and business assets. The event aimed to explain the concept, features, advantages, and accounting treatment of hire purchase transactions.

The seminar covered key topics such as the meaning of hire purchase, differences between hire purchase and installment purchase, rights and responsibilities of the hirer and the vendor, calculation of interest, and treatment of default and repossession. Real-life examples were used to help participants relate the topic to practical business situations like the purchase of vehicles, machinery, and electronic goods.