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Calculate periodic lease rentals

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Problem 1. Determine the lease type according to IFRS definitions for both lessee and lessor. Please mention all criteria of IFRS and identify that which one is met and which one is not

Problem 2. Calculate periodic lease rentals

Problem 3. Based on point 2 above, prepare amortization schedules for AFC

Problem 4. Calculate the AFC's achieved rate of return

Problem 5. Prepare all accounting entries for AFC starting from contract signing till restructuring. Accounting entry must be with reference to a date

Problem 6. The AFC customer has defaulted after paying 2nd rental and now 5th rental is due. Customer has requested and AFC agreed to restructure the lease facility by increasing interest rate 1 % p.a. and recovering the interest overdue and penalty amount upfront. The company charges 20% p.a. penalty for overdue on actual days basis. Please workout the restructured rental amount, New Amortization schedule and the accounting treatment at restructuring this contract. Please keep the Zero rental or fix amount rental same as mentioned in the original scenario

Reference no: EM132674210

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