leasing amount include HST amount, eg.car cost 10k, total leasing amount is $11.3K
a) Dr. leased assets ***
Dr. ITC input
Cr. leased liabilities *** (exclude any imputed interest ) it is 100% L/T liability in B/S.
Cr. Loan for HST
b) Dr. interst exp. *** ( set up your own amortization schedule)
Dr. leased liabilty ***(principle)
Dr.interest Exp.
Dr.Loan for HST principle
Dr. HST ITC ***( note: not record this if HST was accounted at the onset of the lease)
Cr. cash ***
c) Dr. depreciation exp. ***
Cr. AA ***
a) Dr. leased assets ***
Dr. ITC input
Cr. leased liabilities *** (exclude any imputed interest ) it is 100% L/T liability in B/S.
Cr. Loan for HST
b) Dr. interst exp. *** ( set up your own amortization schedule)
Dr. leased liabilty ***(principle)
Dr.interest Exp.
Dr.Loan for HST principle
Dr. HST ITC ***( note: not record this if HST was accounted at the onset of the lease)
Cr. cash ***
c) Dr. depreciation exp. ***
Cr. AA ***