A capital lease accounting statement serves as a custodian of a capital lease agreement occurring between the participants. It is based on transference of the ownership rights either partially or completely, along with its oddities and strengths, to the lessee. It should be prepared with due attention to the criterion laid down under the Lease Act.
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Sample Capital Lease Accounting Statement
Name of the lesser: Ray Ban
Permanent residential address: 6, Holly Street, Glasgow
Date of preparation of statement: 4th, September, 2011
Time period for which the lease is valid: 7th December, 2011 to 7th March, 2011
The statements given exemplify that the capital lease will not be subject to termination in course of the time stated in the contract. The payments and expenses will be footed by the company heads and the lease will be open to purchase option at the end of the term.
Name of the company: Eye-Catchers Parlour
Year of establishment: 9th August, 2007
Property in question: 2 acre plot of land
Location details: 5C, Dive Waterfalls, Glasgow, US
Capital lease statements
Market value of the land: $60, 000
Cost price of the land: $40, 000
Depreciation cost in case of purchase: $400
Interest rate equivalent to the property’s face value: 12%
Rental paid per month: $115
Maintenance cost exempted from the rental: $15
Net amount payable: $110
The total rent paid during the term for leasing the property exceeds 90% value of the current price of the property partially fulfilling the capital lease criterion as there has been no devolution of the ownership rights to the lessee.