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WorksheetsIFRS 16 LEASING
Total questions: 10
Worksheet time: 12mins
In which year the old IAS 17 was replaced by IFRS 16?
2010
2018
2016
2020
Messi plc entered into an agreement for 5 years with Ronaldo plc related to renting a piece of machinery going to be used by Ronaldo plc. Messi will collect annual rental in arrear. Identify the lessor and lessee.
Lessor: Messi Lessee: Ronaldo
Lessee: Messi Lessor: Ronaldo
Based on IFRS 16 entities will be given exemption from applying IFRS 16 for short term lease (<12 months) and for low value assets.
False
True
Entity A had entered into a lease agreement with Entity B for 3 years. Entity A will supply a special machine to Entity B. Entity B will pay a initial deposit of $20,000 and installment in arrear of $30,000 for 3 years. Imputed interest rate is 5% per anum. Compute the NPV of MLP.
$101,696
$120,000
$20,000
$102,456
Entity A had entered into a lease agreement with Entity B for 4 years. Entity A will supply a special machine to Entity B. Entity B will pay a initial deposit of $10,000 and installment in arrear of $50,000 for 4 years. Imputed interest rate is 8% per anum. Compute the NPV of MLP.
$175,620
$124,567
$175,605
$135,678
Entity A had entered into a lease agreement with Entity B for 3 years. Entity A will supply a special machine to Entity B. Entity B will pay a initial deposit of $20,000 and installment in arrear of $30,000 for 3 years. Imputed interest rate is 5% per anum. Compute the total lease interest.
$8,403
$8,304
$8,503
$8,533
Entity A had entered into a lease agreement with Entity B for 3 years. Entity A will supply a special machine to Entity B. Entity B will pay installment in advance of $30,000 for 3 years. Imputed interest rate is 6% per anum. Compute the NPV of MLP.
$85,000
$85,004
$85,002
$85,009
Entity A had entered into a lease agreement with Entity B for 3 years. Entity A will supply a special machine to Entity B. Entity B will pay installment in advance of $80,000 for 5 years. Imputed interest rate is 8% per anum. Compute the NPV of MLP.
$344,986
$344,965
$344,123
$344,968
The following are the possible methods to allocate finance lease interest in lessee books except
Actuarial method
SODM
SLM
UUM
In the lessee books, ROU asset and finance lease liabilities will be recognized as per IAS 17.
True
False
