[anzar123456]

On 1 July 2010, Cherry Ltd acquired an item of plant for $31,864. On the same date, Cherry Ltd entered into a lease agreement with Hazel Ltd in relation to the asset. According to the lease agreement, Hazel Ltd agreed to pay $12,000 immediately, with a further two payments of $12,000 on 1 July 2011 and 1 July 2012.
AT 30 June 2013, the asset is to be returned to the leesor and its residual value is expected to be $6000. Hazel Ltd has agreed to guarantee the expected residual value at 30 June 2013. All insurance and maintenance costs are to be paid by Cherry Ltd and are expected to amount to $2000 p.a. The costs of preparing the lease agreement amounted to $360. The interest rate implicit in the lease is 9%. The lease is classified as a finance lease. Plant is depriciable on a straight line basis.
Required
A. Prepare a schedule of lease receipts for Cherry Ltd and the journal entries for the year ended 30 June 2011
B. Prepare a schedule of lease payments for Hazel Ltd and the journal entries for the year ended 30 June 2011.
C. Assume that Hazel Ltd guaranteed a residual value of only $4000. Prepare a lease schedule for both Cherry Ltd and Hazel Ltd.
D. Instead od acquiring the plant for $31,864, assume that Cherry Ltd manufactured the plant at a cost of $29,500 before entering into the lease agreement with Hazel Ltd. Prepare a schedule of lease receipts for Cherry Ltd and the journal entries for the year ended 30 June 2011.
E. Assume that Hazel Ltd manufactured the plant itself at a cost of $29500 and sold the plant to Cherry Ltd for $31864. Hzrl then leased it back under the original terms of the finance lease, with Haze Ltd quranteeing a residual value of $4000. Prepare a lease schedul for both cherry ltd and hazel ltd for the year ended 30th June 2011

[paraclete]

You need to tell us what you want to know. We don't provide model answers

[anzar123456]

How to make the lease recipets and journal entries I don't know how to do it

[paraclete]

This no different to other trading situations
You have revenue accounts, you have expense accounts and you have a bank or cash account
In the first transaction you have four transactions of various dates which will provide the data for questions A and B
The other questions all change the criteria so recalculate and do the journals again as if you have a new question

[anzar123456]

But but how does a recipets schedule look like ?

[anzar123456]

Please tell me quickly how to do this I ust don't know how to do this and this assignment is due in the next hour I am reallly freaking out and scared

[paraclete]

1st July 2010 $12,000 immediately, with a further two payments of $12,000 on 1 July 2011 and 1 July 2012.

What part of this don't you understand?
1st July 2010 $12,000
1st July 2011 $12,000
1st July 2012 $12,000

Why would you be scared you are either right or wrong