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Start learning 50% faster. Sign in nowAs an auditor, I would suggest that Company A should recognize the profit of ₹10 lakh immediately. In this scenario, Company A has sold the machinery to Company B for ₹50 lakh, even though the written-down value (WDV) of the machinery was ₹40 lakh. The difference of ₹10 lakh between the selling price and the WDV represents a profit on the sale of the machinery. Since the leaseback arrangement is in the nature of an operating lease, and not a finance lease, Company A should recognize the entire profit of ₹10 lakh immediately at the time of the sale. Operating leases are typically treated as normal rental agreements, and any profit or loss on the sale should be recognized upfront.
The Property (a) / divided among (b) / the two brothers. (c) / No error (d)
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The royal treasure was accused of drawing funds without the king’s permission from the state treasury to build the shrines.
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