A firm buys a lease for 3 for quite a long time for Rs. 60,000 on 1.4.2008. It chooses to accommodate its substitution by method for a protection arrangement for Rs. 60,000. The yearly premium is Rs. 19,000. On 1.4.2010, the lease is restored for a further time of 3 years for Rs. 60,000. You are obliged to show fundamental record accounts.
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