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LEASING IFRS 16

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › LEASING IFRS 16

  • This topic has 1 reply, 2 voices, and was last updated 11 months ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 21, 2021 at 3:07 pm #629020
    shaunak22
    • Topics: 195
    • Replies: 32
    • ☆☆☆

    On 1 January 20X3 Rabbit acquires a new machine with an estimated useful life of 6 years
    under the following agreement:
    An initial payment of $13,760 will be payable immediately
    5 further annual payments of $20,000 will be due, commencing 1 January 20X3
    The interest rate implicit in the lease is 8%
    The present value of the lease payments, excluding the initial payment, is $86,240
    What will be recorded in Rabbit’s financial statements at 31 December 20X4 in respect of
    the lease liability?

    Sir could you please solve this sum i have tried solving this sum and checked the answer in textbook but i am unable to understand how to solve it so it would be a huge help if you could solve this sum

    July 22, 2021 at 11:52 am #629102
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6115
    • ☆☆☆☆☆

    Hi,

    Before I do anything you will need to show me what you have done with regards to your answer. I can then happily help explain what you may have done incorrectly.

    I look forward to receiving your attempted answer.

    Thanks

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