Question
ABC Ltd. records a lease as an asset and a corresponding
liability in its books under Ind AS 116. The company uses this asset in operations and depreciates it annually. The lease liability is also reduced over time. How will this transaction affect the company’s balance sheet and profit and loss statement?Solution
Under Ind AS 116, leases are capitalized with Right-of-Use assets and corresponding lease liabilities. Depreciation on the asset and interest on liability appear in the P&L, while the asset and liability affect the balance sheet.
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