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SEMESTER SPRING 2014
FINANCIAL ACCOUNTING II (MGT401)
ASSIGNMENT NO. 02
DUE DATE: 25TH
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.
RS Company has entered into a contract to obtain the machinery on lease from Soneri
leasing Company on 1st
Fair value of the asset is Rs. 950,000;
Lease rentals are 5 annual installments of Rs. 219,450 starting from 30th
The implicit interest rate is approximately 5% per annum in this lease contract.
Depreciation is charged on written down method at 20%.
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
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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
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).
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sir solution kab load ho ga i am waiting
Please share solution here,
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