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    The document is a summary of the requirements for Question 2 of an ACCA Paper P2 exam on corporate reporting. It provides the financial reporting treatment for a company, Sugar Co, that has finance lease arrangements. Specifically, it lists the required ledger entries and disclosures for the finance lease liabilities and assets in the statement of financial position and profit and loss, and includes a working of the interest calculations and installment payments over two years.

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    Propert, plan and equipment

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    The document is a summary of the requirements for Question 2 of an ACCA Paper P2 exam on corporate reporting. It provides the financial reporting treatment for a company, Sugar Co, that has finance lease arrangements. Specifically, it lists the required ledger entries and disclosures for the finance lease liabilities and assets in the statement of financial position and profit and loss, and includes a working of the interest calculations and installment payments over two years.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    11 views1 page

    Screenshot

    Uploaded by

    KalyanGurram
    The document is a summary of the requirements for Question 2 of an ACCA Paper P2 exam on corporate reporting. It provides the financial reporting treatment for a company, Sugar Co, that has finance lease arrangements. Specifically, it lists the required ledger entries and disclosures for the finance lease liabilities and assets in the statement of financial position and profit and loss, and includes a working of the interest calculations and installment payments over two years.

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    of 1

    v D NOV 2023 I CA FINAL AUDIT M X ..

    ,_ lnbox {490) - gurramkalyan888 X B QnA X G ACCA Paper P2 - Corporate Re X + X

    ➔ !; google.co.in/books/edition/ ACCA_Paper _P2_Corporate_Reporting_lNT_an/fSRADwAAQBAJ?hl =en&gbpv= 1& dq = calculation +of+ Question+ 2 + Sugar +Co+ l ease... * 0 [] 0
    ::i Apps D FR CA Final Latest R... D (8) SFM CA/CMA Fi... D NOV 20231 CA FIN... D NOV 20231 CA FIN... CJ All Bookmari<s

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    G o.. gle Books 0,, Search Google Books Advanced search Back to dassic Google Books •••
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    = J. ,,v

    .. Interest rate is 10%


    (b) Property. plant and equipment
    Net book valueof assets held under finance leases is $187,500.
    Non-current t/abl//tles
    $

    Finance lease liabilities (W) 136,886


    Current 1/abiliffes
    $
    Finance lease liabilities {W) (196.136 - 136.886) 59.250
    Statement of profit or loss and other comprehensive Income (profit or loss section)
    Depreciation on assets held under finance leases 62,500
    Finance charges 25.000
    Working
    $
    Year ended31 December 20X1:
    1.1.20X1 Liability b/d 250,000
    1.1.20X1 -31.12.20X1 Interest at 10% 25.000
    31.12.20X1 lnstalmen1 In arrears (78,864)
    31.12.20X1 Liability c/d 196,136
    Year ended 31 December 20X2:
    1.1.20X2 - 31.12.20X2 Interest at 10% 19,614
    31. 12.20X2 Instalment in arrears (78,864)
    31.12.20X2 Liability cid 136,886

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