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Home Accounting Dictionary Letter C Complete repossession Definition
 
 

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Complete Repossession Definition:

In accounting for hire purchases, it is a case where the hire vendor closes the hire purchaser's account in his books by transferring the balance of the hire purchaser account to the goods repossessed account; and the hire purchaser closes the hire vendor's account in his books by transferring the balance of the hire purchase assets account to the hire vendor account.

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