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FINANCIAL REPORTING – LEASE CONTRACTS

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › FINANCIAL REPORTING – LEASE CONTRACTS

  • This topic has 2 replies, 3 voices, and was last updated 2 months ago by John Moffat.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • March 9, 2023 at 9:50 am #680804
    SEER7
    Participant
    • Topics: 3
    • Replies: 0
    • ☆

    Kambafwile entered into a four year lease on1 January 2015 for a machine with a fair
    value of K2, 000,000. The lease contract requires the annual payment of K600,000 for
    four years and the machine has a useful economic life of five years. The interest implicit
    in the lease is given below.
    Required:
    Prepare extracts from the statement of profit or loss for the year ended 31 December
    2015, assuming that instalments are paid in:
    (i) Arrears (implicit rate of interest 7.71%).
    (ii) Advance (implicit rate of interest 13.71%)
    Show in the statement of profit or loss and statement of financial position for the year
    ended 2015 (20 marks)

    March 16, 2023 at 2:03 pm #681414
    Russellsimpito
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    This question needs answers.

    March 16, 2023 at 3:24 pm #681421
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 52452
    • ☆☆☆☆☆

    This is not examinable in the Paper FA exam – it is not in the syllabus!!

  • Author
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