0444 Assignment No 2 Solution 2022-Autumn AIOU-Q 2 Ans-Advance Accounting
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0444 Assignment No 2 Solution 2022-Autumn AIOU-Q 2 Ans-Advance Accounting<br /><br />#digilearnerspoint , #aiou, 0444 Assignment No 2 Solution 2022, aiou 0444 assignments solution, autumn 2022, aiou autumn 2022, advance accounting, allama iqbal open university, lessor, lessee, lease contract, seller lessee, buyor-lessor, sale-leaseback, finance lease, operating lease, <br /><br />Question no 2<br />A Car was acquired on leases by Affan from Azan Corporation for four <br />years on 1st January, 2021 that has fair value of Rs. 15,000. Interest rate implicit in the lease is 12%. Useful life of equipment is 5 years. Annual rentals are payable at the end of each year. The lessee depreciates the asset using the straight-line method. (20) <br />Required:<br />i. Compute the annual rentals payable.<br />ii. Prepare amortization schedule<br />iii. Prepare the journal entries for the first two years in the books of lessee.