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Prepare pass journal entries in the books of lessee

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Reference no: EM132547796

Lease signed on Jan,1,2016

Lease term 3 years

Fair value of equipment at inception Rs. 10,000

Cost of the leased asset Rs. 8,800

Life of the asset 6 years

Rental Payments (payable at beginning of each year) Rs.3758.41

Depreciation Method Straight line

Implicit rate 15%

Residual value 0

Bargain Purchase option Rs.200

Required

Question 1: Prepare Pass journal entries in the books of lessee for 2016,2017.

Reference no: EM132547796

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