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MAA363 Corporate Accounting

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Question:

If the office equipment needs to be serviced or repaired, A Ltd is required to substitute an office equipment of the same type. Otherwise, and other than on default by B Ltd, A Ltd cannot retrieve the equipment during the six-year period. B intends to buy the office equipment from the lessor at the end of the lease term.

a)Determine whether a lease exists according to AASB16 Leases.

b)Describe four disadvantages of B Ltd for entering into this lease agreement.

c)Prepare a schedule of lease payments for B Ltd for the 6 years’ length of lease.

d)Prepare all journal entries to record the relevant transactions on in the records of B Ltd.

Discuss how your solution in Part A would differ if, instead of a guaranteed residual value, the contract contains a:

a)Bargain purchase option

b)Unguaranteed Residual

Explain the new single accounting model for lessees and the implications of this change on:

a)External users of financial reports

b)Statement of Financial Position (Balance Sheet)

c)Management contracts tied to key performance indicators such as return on assets

d)Debt covenants

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My Assignment Help. Corporate Accounting [Internet]. My Assignment Help. 2021 [cited 16 September 2021]. Available from: https://myassignmenthelp.com/free-samples/maa363-corporate-accounting/emerging-practice-in-social-and-ethical.html.


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