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Journal entryAdvancedVariant — group VG.IFRS16.000705Published

Question · Operating leases: lessor accounting

On 1 January 20X1, Kerlan Matériaux leased a tower crane to a builder under a four-year operating lease. Each year's payment is made on 1 January: 40,000 in 20X1, 50,000 in 20X2, 60,000 in 20X3 and 70,000 in 20X4. The straight-line basis is used. Record Kerlan Matériaux's summary lease income entry for 20X3.

Payment 20X1
40,000
Payment 20X2
50,000
Payment 20X3
60,000
Payment 20X4
70,000
Your answer
  1. Line 1

    Account Cash (payment collected)

  2. Line 2

    Account Lease income

  3. Line 3

    Account Accrued income (partial reversal)

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