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Lease

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Lease

  • This topic has 0 replies, 1 voice, and was last updated 4 years ago by anyachan.
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  • August 2, 2020 at 7:03 pm #578998
    anyachan
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    • Topics: 2
    • Replies: 1
    • ☆

    Hello, could you pls help me with this question:
    On 1 January 20X6 Platinum entered into a finance lease agreement. The cash price of the asset was $360,000 and the terms of the lease were a deposit of $120,000 payable on 1 January 20X6 and three further instalments of $100,000 payable on 31 December 20X6, 31 December 20X7 and 31 December 20X8. The rate of interest implicit in the lease is 12%.
    What will be the amount of the finance charge arising from this lease which will be charged to profit or loss for the year ended 31 December 20X7?
    I don’t understand why we subtract Deposit from Cash price? Thank you.

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