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Prepare relevant extracts from xyzltd financial statement

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On 1 April 2015 XYZ Ltd entered into the following lease agreement.

  • Plant with a fair value of Rs.275,000 was leased under an agreement which requires XYZ Ltd to make annual payments of Rs.78,250 on 1 April each year, commencing on 1 April 2015, for four years. After the four years XYZ Ltd has the option to continue to lease the plant at a nominal rent for a further three years and is likely to do so as the asset has an estimated useful life of six years. The present value of the lease payments is Rs.272,850. XYZ Ltd is responsible for insuring and maintaining the plant during the period of the lease.
  • XYZ Ltd allocates finance charges on an actuarial basis. The interest rate implicit in the lease is 10%.

Required

Question 1: Prepare all relevant extracts from XYZLtd's financial statements for the year ended 31 March 2016

Reference no: EM132522681

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