Hire Purchase Lease
We are in the process of finalising a HP agreement with a leasing company.
We have already recognised the asset and the invoice has been paid to the supplier.
we will be selling the assets to the leasing company and leasing it back.
What is the accounting treatment for this transaction.
So we have DR Asset CR Bank
As we are raising a sales invoice to the leasing company, we want to be cautious as we do not want this sale of asset to increase our turnover.
So how do we go about this.
Assets will continue to sit on our balance sheet but somehow we need to recognise a Lease Creditor on our Balance Sheet.
Can you please explain the accounting treatment for this.
- Has Microsoft taken a huge bite out of Apple 1,645 28
- do i need an online accounting software 46 2
- Moneysoft Payroll 603 13
- VAT Triangulation Service UK - UK - EC 150 3
- How much do you charge for Accountant's Reference? 2,590 28
- Who gets the CGT deduction 271 4
- Buying a company for £20,000 from owner how it works? 634 9
- Property gift to sister 226 6
- VAT training 357 4
- Mixing up NI numbers under RTI 279 7
- 31st october deadline 391 6
- RTI Late Registration query 155 1
- Treatment of one-off payments to non-employees 265 2
- Payroll software 187 1
- Accounting for display stands 279 7
- Companies House Search 330 3
- Letter saying client is IR35 compliant 343 3
- Is it any of my business ? 1,544 15
- VAT Flat Rate Scheme 337 3
- A Friday Funny. 379 5
- NHS finance professionals 713
- Auto Enrolment and Foreign employers 431
- Foreign Pension Contribution 406
- Pre Season Invoice dated September how do you treat the VAT as not due until May 16 390
- Employee's statement of sickness (SC2) form - no longer available as downloadable pdf 385
- SWAT AML v Anti Money Laundering Compliance Plus (AMLCP) 344
- Does pension term assurance count for unused relief purposes? 304
- Management reporting dashboards and cloud accounting 286
- IFA income recognition & reporting 227
- Incorporating doctors 225