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Practice Q Tours (leases)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Practice Q Tours (leases)

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • April 8, 2015 at 6:27 pm #240545
    Agata
    Participant
    • Topics: 15
    • Replies: 4
    • ☆

    Question asks for financial statemnt extract at 31/12/2002. Why is it showing short term liability as 1178? It is payable durring the 2002, balance out standing at 31/12/2002 is 9744, so the short term – withing 1 year should it not be the next capital payment 1287 and long term anything outstanding on 31/12/2003?

    April 12, 2015 at 7:10 am #240974
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22699
    • ☆☆☆☆☆

    The amount of $2,004 payable on 1 January, 2003 includes the $826 interest accrued through 2002 but not yet paid.

    Therefore the capital element of the installment payable during 2003 (in fact, payable “tomorrow”) is $2,004 less that interest of $826 = $1,178

    Does that explain it for you? If not, post again

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