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SPRING 2014 FINANCIAL ACCOUNTING II (MGT401) ASSIGNMENT 02 DUE DATE: 04 Aug, 2014 MARKS: 10

SEMESTER SPRING 2014
FINANCIAL ACCOUNTING II (MGT401)
ASSIGNMENT NO. 02
DUE DATE: 25TH
JULY, 2014
MARKS: 10
ASSIGNMENT: 2
Learning Objective
This activity aims to enable the students to understand that how to prepare the
amortization schedule and how to record the journal entries regarding leasing assets.
Case

RS Company has entered into a contract to obtain the machinery on lease from Soneri
leasing Company on 1st
July 2009.
Fair value of the asset is Rs. 950,000;
Lease rentals are 5 annual installments of Rs. 219,450 starting from 30th
June
2010.
The implicit interest rate is approximately 5% per annum in this lease contract.
Depreciation is charged on written down method at 20%.
Required:
1) Show how this lease would be presented in the accounts of the lessee (lease
amortization schedule) for entire lease term.
2) Show journal entries that are to be recorded in the books of lessee for the financial
year 2009 to 2010.
3) Also mention the charges that have to be disclosed in income statement for the
year ended June 30th
2010 and for the year ended June 30th
2011, in the books of
lessee.
IMPORTANT:
24 hours extra / grace period after the due date are usually available to
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It is cheated or copied from other students, internet, books, journals etc.

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isko koi pochne wala nai

Der Aye Darust Aye!

aslam o alikum to all my friends

koi to is ka solution lekh de please

Solution plzz koi upload krdy

Important Announcement

Dear Students,

It is to inform you that the last date to submit the Assignment No.2 has been extended till August 04, 2014 due to “Eid-ul-Fitar” holidays (July 28, 2014 to August 01, 2014).

Please Discuss here about this assignment.Thanks

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