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Lease

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › Lease

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Ken Garrett.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 27, 2019 at 11:38 am #525034
    Anonymous
    Inactive
    • Topics: 1
    • Replies: 0
    • ☆

    A company acquired an item of plant under a lease on 1 April 20X7. The present value of the lease payments
    was $15.6 million and the rentals are $6 million per annum paid in arrears for three years on 31 March each
    year.
    The interest rate implicit in the lease is 8% per annum.
    What amount will appear under current liabilities in respect of this lease in the statement of financial position at
    31 March 20X8? [Answers to nearest $’000]

    The answer
    Initial liability 15,600
    Interest 8% 1,248
    Payment (6,000)
    Balance 31.3.X8 10,848
    Interest 8% 868
    Payment (6,000)
    Balance 31.3.X9 5,716

    Dear tutor,
    My question is why the answer shows balance for 31.3.X9 while the requirement is for balance 31.3.X8?

    July 27, 2019 at 4:48 pm #525058
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    This question is not relevant to this (AB) forum. Please repost appropriately.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • The topic ‘Lease’ is closed to new replies.

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