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This document summarizes the details of a 7-year lease agreement. It shows the annual rent payments, discounted values, interest accrued on the lease liability, and amortization of the opening lease liability balance over the term of the lease. The total lease payments over the 7 years are $1,423,076.

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tapan mehta
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32 views2 pages

Ind As 116

This document summarizes the details of a 7-year lease agreement. It shows the annual rent payments, discounted values, interest accrued on the lease liability, and amortization of the opening lease liability balance over the term of the lease. The total lease payments over the 7 years are $1,423,076.

Uploaded by

tapan mehta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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9%

Lease Liabilities
Year Rent Paid Discounting Value Opening Interest
1 150,000 0.92 137,614.68 990,224.81 89,120.23
2 165,000 0.84 138,877.20 929,345.04 83,641.05
3 181,500 0.77 140,151.30 847,986.09 76,318.75
4 199,650 0.71 141,437.09 742,804.84 66,852.44
5 219,615 0.65 142,734.68 610,007.28 54,900.66
6 241,577 0.60 144,044.17 445,292.93 40,076.36
7 265,734 0.55 145,365.68 243,792.80 21,941.35
1,423,076 990,224.81 432,850.84

ROU Dr 990,224.81
To Lease Liabilities Cr 990,224.81

Depreciation Dr 141,460.69
To ROU Cr 141,460.69

Interest Dr 89,120.23
Lease Liability Dr 60,879.77
To Vendor Cr 150,000.00

Vendor Dr 150,000.00
To Bank Cr 150,000.00
Lease Liabilities
Principal Closing
60,879.77 929,345.04
81,358.95 847,986.09
105,181.25 742,804.84
132,797.56 610,007.28
164,714.34 445,292.93
201,500.14 243,792.80
243,792.80 -
990,224.81

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