On July Tom Ltd acuired an item of plant for & . On teh saem date Cherry Ltd ent

On July Tom Ltd acuired an item of plant for & . On teh saem date Cherry Ltd entered into a lease agreemtn with Jerry ltd in relation to the asset. According to teh lease agreement Jerry has agreed to pay $12000 immedaitelywith a further two payments of $12000 on July 2011 and 1 July 2012.At 30 June 2013 the asset is to be returned tot eh lessor and its residual value is expected to be $5000. Jerry ltd has agreed to guarantee the expected residual value at 30 June 2013. All insurance and maintenace costa are to be paid by Tom ltd and anre expeceted 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 fianace lease. Plant is deperciated ona straight line basis.a) Prepare a schedule of lease receipts for Tom and journal receipts for the year ended 30 June 2011b) Prepare a schedeule fo receipts for Jerry Ltd and journal entries for the year ended 30 June 2011.c)I Jerry Ltd guaranteed a rsidual value of $4000 prepare lease schedule for both leasee and lessor.d) Instead of acquiring the asset for $31500 assume that Ton Ltd manufactured the asset at a cost $30500 before enterign to the lease agreement wirh Jerry Ltd. Prepare a lease of receipts for Tom Ltd and the journal entries for the year ended 30 June 2011.e) Assme that Jerry Ltd manufactured the assets and the plant itself cost $30500 and sold the plant to Tom Ltd for $32500. Jerrry Ltd then lease it back under th eoriginal terms of the finance lease with Jerry Ltd guranteeing a residual value of $4000. Prepare a lease schedule for both the leasee and the lessor for the year ended 30 June 2011.