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Urgent – accounting for finance leases by lessor

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Urgent – accounting for finance leases by lessor

  • This topic has 1 reply, 2 voices, and was last updated 12 years ago by razraz.
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  • June 10, 2012 at 9:37 am #53292
    gnwokeoha21
    Member
    • Topics: 10
    • Replies: 14
    • ☆

    Hi all,
    Could someone help me with this problem pls. I dont seems to know how to handle it.

    thanks in advance.

    Facts: given the following information:

    Lease term 7 Years from March 31, 200X
    Rental payments: $ 3,574 payable annually in advance
    Asset cost: $ 20,000
    Expected residual value: nil
    Lessor‘s year-end date 30 September
    Internal interest rate 8,1978 %

    Required:
    Determine the finance income for each accounting period.

    June 10, 2012 at 10:51 am #99908
    razraz
    Member
    • Topics: 1
    • Replies: 17
    • ☆

    Total finance cost 5018. Year 1 ,1346year 2,1163,year 4,966 n so on. Year 1 open bal. 20000. Adv pay(3574)+ interest 1346= closing 17772. I don’t know if this is what u have asked. Cheers

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