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ACCA P7 December 2009 Paper

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › ACCA P7 December 2009 Paper

  • This topic has 0 replies, 1 voice, and was last updated 11 years ago by deepmaharaj.
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  • November 27, 2013 at 2:36 pm #148087
    deepmaharaj
    Member
    • Topics: 58
    • Replies: 32
    • ☆☆

    Dear Sir / Madam,

    It is stated that Robster Co entered 5 new leases of land and buildings. The leases have been capitalized. Assets being 3.6 Million and finance Lease payable being 3.2 Million.
    My query is
    At the Beginning of Lease, The Asset and Liability are measured at LOWER OF
    1) Fair Value
    2) PV Of minimum Lease Payment.

    Then how come they would be different as to asset figure ( 3.6 M) and Liability figure 3.2 Million.

    ACCA Answers also do not have any mention of this. Kindly help.

    Deep

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