Summary
Summary Advanced Accounting: Installment Sales
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Summary of accounting for Installment sales
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Principal Collections:1. Collection from Installment Sales Receivable (ISR)
ISR Beg xx
Installment Sales – Current Year xx
Recovery xx
Collections (xx)
Write-off (xx)
Repossessed Accounts (xx)
ISR End xx
2. Fair Value of Trade-in Merchandise
Selling Price xx
Under Allowance xx
Over Allowance (xx)
Adjusted Selling Price xx
Cost of Installment Sales (xx)
Gross Profit xx
Realized Gross Profit = Collections x Gross Profit Rate (GPR)
Deferred Gross Profit – Beg xx
Adjusted Deferred Gross Profit (xx)
Realized Gross Profit xx
Adjusted Deferred Gross Profit = ISR End x GPR
Alternative Computation for GPR:
1. Deferred Gross Profit – Beg / ISR Beg
2. Adjusted Deferred Gross Profit / ISR End
Market Value of Repossessed Merchandise xx
Unrecovered Cost (xx)
Gain/(Loss) on Repossession xx/(xx)
MV of Repossessed Merchandise (in order of priority):
1. Giver MV
2. Appraisal Value
3. Estimated Selling Price – Normal Profit – Reconditioning Cost
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