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QUESTION 2 Lease Solutions Lud has requested your help in poepuring their financial statements as they are unsure of the requirements of NZ IFRS I
QUESTION Lease Solutions Lud has requested your help in poepuring their financial statements as they are unsure of the requirements of NZ IFRS I Leases for lessors. You are provided with the following lease details: i Determine the finance lease receivable balance at the commencement date of the lease and complete the lessor's table in the space provided Prepare the journal entry at April for the lessor: ii Prepare financial statements, over the lease period, to reflect the effects of the lease. iii Clearly explain why there was a payment of $ made by the Lessee to the Lessor on March iv Prepare the journal entries for the lessor at March to recognise the fixed payment received and the interest income for the year ending March and recognise the return of the underlying asset and the receipt of the $ at March
QUESTION
Lease Solutions Lud has requested your help in poepuring their financial statements as they
are unsure of the requirements of NZ IFRS I Leases for lessors.
You are provided with the following lease details:
i Determine the finance lease receivable balance at the commencement date of the lease and complete the
lessor's table in the space provided
Prepare the journal entry at April for the lessor:
ii Prepare financial statements, over the lease period, to reflect the effects of the lease.
iii Clearly explain why there was a payment of $ made by the Lessee to the Lessor on March
iv Prepare the journal entries for the lessor at March to recognise the fixed payment received and
the interest income for the year ending March and recognise the return of the underlying asset and
the receipt of the $ at March
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