Question
Discuss the classification of the lease of the safari vehicle, in the accounting records of Diamond Lodge Ltd in terms of IFRS 16 Leases, as
Discuss the classification of the lease of the safari vehicle, in the accounting records of Diamond Lodge Ltd in terms of IFRS 16 Leases, as far as possible from the given information. Communication skills: Logical argument 5 1 b) Assuming that the lease, of the safari vehicle, is classified as a finance lease, prepare the general journal entries to account for the lease, using the gross method in terms of IFRS 16 Leases, in the accounting records of Diamond Lodge Ltd, for the year ended 31 May 2023. Please note: Journal dates must be shown. Journals relating to tax are not required. Journal narrations are not required. No abbreviations for general ledger account names in your journals may be used. Indicate in your journals if it is a statement of financial position (SFP) or statement of profit or loss and other comprehensive income (P/L) general ledger account.
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