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sale and leaseback example 8

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › sale and leaseback example 8

  • This topic has 6 replies, 2 voices, and was last updated 10 months ago by P2-D2.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • March 21, 2022 at 8:23 am #651578
    kennigara
    Participant
    • Topics: 181
    • Replies: 242
    • ☆☆☆

    I need help to record the double entries for lessor and lessee side
    could you help ?
    if transfer is not a sale

    seller -lessee
    continue to recognise the asset (8.4mln)
    recognise a financial liability(10mln)

    what is double entries?
    I am confused.I

    buyer-lessor side

    do not recognise the asset

    recognise a financial asset(proceeds(10)

    what is double entries?
    I am confused.I

    thanks in advance

    March 21, 2022 at 8:57 am #651580
    kennigara
    Participant
    • Topics: 181
    • Replies: 242
    • ☆☆☆

    if it is a sale

    buyer-lessor
    recognise the purchase of asset.apple bought the asset @ 10mln and its purchase is below
    dr asset 10mln
    cr cash 10mln

    apply lessor accounting

    i am confused in this part.after buying I lease it back to seller side then I have to record receivable @ pv of lease liability and in this case it is

    dr receivable-7721735
    cr asset-7721735

    there is difference between 10000000-7721735=2278265-how di i record it?

    March 23, 2022 at 5:39 pm #651741
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6473
    • ☆☆☆☆☆

    Hi,

    Is this not covered in the video that accompanies the class notes?

    Thanks

    March 24, 2022 at 4:21 pm #651819
    kennigara
    Participant
    • Topics: 181
    • Replies: 242
    • ☆☆☆

    Dear Tutor, I watched both FR and SBR and it has not been covered.
    I am currenly preparing SBR and I know I do not need dr cr for sbr but for my in-depth understanding I want to know it.
    I would like please pay attention to my question to get my answer.
    Thanks in advance

    March 26, 2022 at 8:40 am #651905
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6473
    • ☆☆☆☆☆

    Hi,

    If you are preparing for SBR then I’d direct the question that way.

    Thanks

    March 28, 2022 at 1:15 pm #652112
    kennigara
    Participant
    • Topics: 181
    • Replies: 242
    • ☆☆☆

    Dear Tutor,I want my question to be answered because I want to know it.please do not be indifferent to my query.

    April 3, 2022 at 4:36 pm #652646
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6473
    • ☆☆☆☆☆

    Sorry, but all the journal entries required for FR are in the answers at the back of the class notes for the two sale and leaseback questions in the FR class notes.

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