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Question: TVS Limited takes a truck on lease on 01-01-2000 from Z Leasing Limited.
Fair value of the asset Rs 5, 00,000/-
Residual value Nil – After 5 years
Lease rentals Rs 1, 38,700/- for 5 years payable at the end of each year
Show how the transaction is to be recorded in the books of TVS Company Limited for the first two years. Also show the profit and loss account and balance sheet for these two years.
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