在线求解答ACCA考试一题目？

在线求解答ACCA考试一题目？

The Mission Company Ltd, whose year end is 31 December, has acquired two items of machinery on leases, the conditions of which are as follows:
Item Y: Ten annual instalments of £20,000 each, the first payable on 31 December 2000. The machine was completely installed and first operated on 1 January 2000 and its purchase price on that date was £160,000. The machine has an estimated useful life of ten years, at the end of which it will be of no value. Item Z: Ten annual instalments of £30,000 each, the first payable on 31 December 2002. The machine was completely installed and first operated on 1 January 2002 and its purchase price on that date was £221,000. The machine has an estimated useful life of twelve years,
at the end of which it will be of no value.
The Mission Company Ltd accounts for finance charges on finance leases by allocating them over the period of the lease on the sum of digits method.
Depreciation is charged on a straight line basis. Ignore taxation. Assume a cost of borrowing of 8%.
Required
(a) Determine whether or not these are finance leases or operating leases, referring to the main requirements of IAS 17 Leases to account for a lease agreement as a finance lease.
(b) Calculate and state the charges to the income statement and the balance sheet figures (where appropriate) for incorporation into the annual accounts for 20X6 and 20X7.
(c) The major issue surrounding the capitalisation of leases is one of substance over form’. Comment upon this assertion with reference to relevant international accounting
standards’.

YOU MEI YOU REN

a. ITEM Y is financial lease.
1.the scrap value is zero after lease period expired
2.total payment is over the market value (ignore time value of money)
3. probably, the maintenance cost is borned by Mission company Ltd.
ITEM Z may not be financial lease .
1.lease period is 10 years out of 12 years useful life.
lease agreement dose not mention about the situation of item z after expiry.
Im not sure new ias 17 about if capitalise the lease asset on "right of use"
b. ITEM Y V ON 1 JAN 20000 20000*6.710(10years annuity amount of 8%) = 134200
market value = 160000
financial gain = 160000-134200 = 25800 / 10 years = 2580/YEAR
depreciation 160000/10yrs = 16000
ITEM Z: PV ON 1 JAN 2002 30000*6.710 = 201300
ESTIMATE VALUE OF ITEM Z (221000-36833(unleased value/remaining value)) = 184167
financial charge = 201300-184167 = 17133 . 17133/10yrs = 1713
depreciation 221000/12yrs = 18416/yr
extract income statement of 2006 & 2007
depreciation (16000)+(18416)= (34416)
financial gain 2580-1713 = 867
extract statement of fiancial position at the year end of 2006 & 2007
2006 2007
non-current asset
item y 48000 (16000*3) 32000(16000*2)
item z 92080 (18416*5) 73664(18416*4)
current liability
lease payable falling due within one year
20000*0.926 = 18520
30000*0.926 = 27780 46300
long-term liability
lease payable falling due more than one year
2006
20000* 1.651(2.577-0.926) = 33020
30000*3.067(3.993-0.926) =92010
2007
20000*0.857(1.783-0.926) = 17140
30000*2.386(3.312-0.926)=71580