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Tutorial 9

Jane Lazar and Huang (4th Edition)-

Chapter 23-MFRS 117
Question 2
page 507
An entity leases a plant from another entity for a period
of three years. The fair value of the asset is RM5 million,
and the lease rentals are RM900,000, payable half-yearly.
The unguaranteed residual value is RM200,000. The first
payment is made on delivery of the plant. The
approximate implicit interest rate is 9.3% and the present
value of the minimum lease payments is RM4.850 million.

Show how the lease will be accounted for in the accounts
of the lessee.
RM900,000 x 3 years x 2 = RM5.4m

No interest since first payment on delivery

Question 4
page 508
Basel has acquired a plant under a finance lease on the following terms:
a) Payment of RM100,000 is to be made every six month in advance.
b) First payment is to be made on 1 January x2.
c) The lease provides for a total of ten installment payments.
d) Fair value of the asset is RM810,000.
e) Economic life of the asset is six years.
f) At the end of the lease period, title to the plant is to pass to Basel.
g) Interest rate in the lease is 10% per annum.
h) Lessee is to incur initial direct cost of RM10,000.

Prepare extracts of the statement of profit or loss of Basel for the years ended
31 December x2 and x3 and the statement of financial position as at 31
December x2 and x3.
Interest = (borrowing payment) x 10% x

Interest = (borrowing payment + previous interest same year - payment) x

10% x

35,500 + 32,275 28,889 + 25,333

Initial Direct Cost incurred by lessee = became part of the NCAs cost
810,000 + 10,000

200000 - 28889
200000 - 21600
1/1 1/7 31/12

1st payment 2nd payment Interest


Lease payable should not include interest if payment is in arrears

Question 9
page 510
a. In respect of the lease with Bestest Bhd,
i. Draft the entries that will appear in the statement of
profit or loss of Printshop Bhd (lessor) for the year
ended 31 December x6.
ii. Draft the entries that will appear in the statement of
financial position of Printshop Bhd as at 31
December x6 and x7.


Initial direct cost incurred by lessor = Become expenses


*lease expense
i. Explain how they should treat the transaction between Goodest Bhd and
Printshop Bhd and why.
ii. Draft the journal entries to record the transactions in the books of Goodest Bhd
(lessee) for the year ended 31 December x6.