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dear open tuition,
if i were to count for premium in the buyer books, part of it would be for capital gains £22800
and £ 37,200 will a track tax relief over the life of the lease which is £ 1,860 pa.the question is; how to present these amounts in the balance sheet?
my way is as follow: £22800 as a lease as an assets and £ 37200 as a prepayment current assets. on the liability part £60000 premium. at the end of the financial year the journal to adjust profit would be Dr P&L Cr prepayment by £1860 over the life of the leas.
please advise me if this is correct.
kind regards,
Jouma
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