Hi,
How a finance lease entry will be passed for a lease of 5 year , say rent has been received in advaced of rs 500000 p.a How the calculation of finance charges will be calculated?
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FINANCE LEASE AS
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Finance charges should be calculated as per installment basis and should follow mercantile accounting.. Finance charges should be charged on principal value
But the amount will deducted in payment basis in year 0
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