Sample Payment Plan
| Contract Date |
05.10.20XX |
|---|
| Cost of Goods |
100.000 |
|---|
| VAT Amount |
18.000 |
|---|
| Maturity |
36 ay |
|---|
| Lease No | Date | Principal | Principal | Rental | VAT |
|---|
| 1 |
05.10.20XX |
3.770 |
0 |
3.770 |
679 |
| 2 |
05.11.20XX |
1.973 |
1.797 |
3.770 |
679 |
| 3 |
05.12.20XX |
2.010 |
1.760 |
3.770 |
679 |
| 4 |
05.01.20XX |
2.047 |
1.723 |
3.770 |
679 |
| 5 |
05.02.20XX |
2.085 |
1.685 |
3.770 |
679 |
| 6 |
05.03.20XX |
2.124 |
1.646 |
3.770 |
679 |
| 7 |
05.04.20XX |
2.164 |
1.606 |
3.770 |
679 |
| 8 |
05.05.20XX |
2.204 |
1.566 |
3.770 |
679 |
| 9 |
05.06.20XX |
2.246 |
1.524 |
3.770 |
679 |
| 10 |
05.07.20XX |
2.287 |
1.483 |
3.770 |
679 |
| 11 |
05.08.20XX |
2.330 |
1.440 |
3.770 |
679 |
| 12 |
05.09.20XX |
2.374 |
1.396 |
3.770 |
679 |
| 13 |
05.10.20XX |
2.418 |
1.352 |
3.770 |
679 |
| 14 |
05.11.20XX |
2.463 |
1.307 |
3.770 |
679 |
| 15 |
05.12.20XX |
2.509 |
1.261 |
3.770 |
679 |
| 16 |
05.01.20XX |
2.556 |
1.214 |
3.770 |
679 |
| 17 |
05.02.20XX |
2.604 |
1.166 |
3.770 |
679 |
| 18 |
05.03.20XX |
2.652 |
1.118 |
3.770 |
679 |
| 19 |
05.04.20XX |
2.702 |
1.068 |
3.770 |
679 |
| 20 |
05.05.20XX |
2.752 |
1.018 |
3.770 |
679 |
| 21 |
05.06.20XX |
2.804 |
966 |
3.770 |
679 |
| 22 |
05.07.20XX |
2.856 |
914 |
3.770 |
679 |
| 23 |
05.08.20XX |
2.910 |
860 |
3.770 |
679 |
| 24 |
05.09.20XX |
2.964 |
806 |
3.770 |
679 |
| 25 |
05.10.20XX |
3.019 |
751 |
3.770 |
679 |
| 26 |
05.11.20XX |
3.076 |
694 |
3.770 |
679 |
| 27 |
05.12.20XX |
3.133 |
637 |
3.770 |
679 |
| 28 |
05.01.20XX |
3.192 |
578 |
3.770 |
679 |
| 29 |
05.02.20XX |
3.251 |
519 |
3.770 |
679 |
| 30 |
05.03.20XX |
3.312 |
458 |
3.770 |
679 |
| 31 |
05.04.20XX |
3.374 |
396 |
3.770 |
679 |
| 32 |
05.05.20XX |
3.437 |
333 |
3.770 |
679 |
| 33 |
05.06.20XX |
3.501 |
269 |
3.770 |
679 |
| 34 |
05.07.20XX |
3.566 |
204 |
3.770 |
679 |
| 35 |
05.08.20XX |
3.633 |
137 |
3.770 |
679 |
| 36 |
05.09.20XX |
3.701 |
69 |
3.770 |
679 |
| 37 |
05.10.20XX |
0 |
0 |
100 |
18 |
| |
TOTAL |
100.000 |
35.720 |
135.820 |
24.448 |
Payment Plan Accounting Record
| | Debit | Credit |
|---|
| 260 Leased Fixed Asset Usage Right |
100.000 |
|
| 302 Interest Payables of Deferred Lease Costs |
17.626 |
|
| 402 Interest Payables of Deferred Lease Costs |
18.094 |
|
| 301 Leasing Payables |
|
45.240 |
| 401 Leasing Payables |
|
90.580 |
Accounting Record of Leasing Invoice Dated 05.10.20XX
| | Debit | Credit |
|---|
| 301 Leasing Payables |
3.770 |
|
| 191 Deductible VAT |
679 |
|
| 320 İş Finansal Kiralama A.Ş. |
|
4.449 |
Accounting Record related to the Payment of Leasing Invoice Dated 05.10.20XX
| | Debit | Credit |
|---|
| 320 Suppliers |
4.449 |
|
| 102 Banks |
|
4.449 |
Accounting Record of Leasing Invoice Dated 05.11.20XX
| | Debit | Credit |
|---|
| 301 Leasing Payables |
1.973 |
|
| 780 Financial Expenses |
1.797 |
|
| 191 Deductible VAT |
679 |
|
| 320 İş Finansal Kiralama A.Ş. |
|
4.449 |
31.12.20XX Amortization Record
Pursuant to the useful life determined as per General Communique on Tax Procedure Law Line No. 333, amortization shall be allocated over the amount recorded in the usage right account. Assuming that the leased fixed asset given in the sample above has a useful life of 5 years, 20% amortization is calculated accordingly.
| | Debit | Credit |
|---|
| 770 General Administrative Expenses |
20.000 |
|
| 268 Accumulated Amortization |
|
20.000 |
