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3 2,80,000 0.857 2,39,960
4 2,80,000 0.794 2,22,320
5 2,80,000 0.735 2,05,800
6 2,80,000 0.681 1,90,680
Lease liability as at commencement date 13,98,040
or

(2,80,000 x Sum of PV (4.993) @ 8% for 5 years = 13,98,040)

2. Calculation of Lease Liability and ROU asset at each year end
Year Lease liability ROU Asset
Initial value Lease Interest Closing Initial value Depreciation for Closing
payment expense @ balance 6 years balance
8%
1 13,98,040 2,80,000 89,443 12,07,483 13,98,040 2,33,007 11,65,033
2 12,07,483 2,80,000 74,199 10,01,682 11,65,033 2,33,007 9,32,026

3 10,01,682 2,80,000 57,735 7,79,416 9,32,026 2,33,007 6,99,019
7,79,416 699019

6.21