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Depreciation and finance leasing

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Depreciation and finance leasing

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.
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  • March 15, 2017 at 6:17 pm #378381
    clokelly
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hello
    I am preparing an income tax report and I’m currently at the adjustment stage.
    one of my notes states:
    Depreciation includes £1600 on an item of plant and machinery acquired under a finance lease. The interest charge in the statement of profit or loss is £1780. Depreciation is charged at a rate of 10% per annum on a straight line basis and a full years depreciation is charged in the year of acquisition.

    Im finding it difficult to find information on a P&M finance lease, am I correct in thinking the 1600 is deducted from the remaining depreciation amount is added back? and do I put 10% of the interest charge in the deductions?

    thanks for your help

    March 16, 2017 at 7:35 pm #378480
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    You will not find any reference to leases in your F6 material as it’s not in the syllabus so no need to work exercises that involve them – keep your studies to material prepared specifically for the F6 exam!

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