VEH-VAN Terminated
Delivery vans (12 units) | Orix Auto Leasing | Konark Retail Pvt Ltd (INR)
Initial lease liability10,608,782.42
Initial ROU asset10,608,782.42
Liability today0.00current 0.00 / non-current 0.00
ROU asset today0.00
Undiscounted payments4,752,000.00
Terms
- Commencement
- 01 Aug 2023
- Term
- 48 months (modelled 48) to 01 Feb 2025
- Payment
- 264,000.00 monthly, in arrears
- Escalation
- None
- Rent-free
- 0 months
- Discount rate
- 9.00% (current 9.00%)
- Initial direct costs / incentives
- 0.00 / 0.00
- Prepaid / restoration
- 0.00 / 0.00
- Exemption
- None (on balance sheet)
- Options
- None
Event timeline
| Effective | Event | Detail | Liability before | Liability after | ROU before | ROU after | Gain / (loss) |
|---|---|---|---|---|---|---|---|
| 01 Feb 2025 | Early termination | terminated, penalty 300000 Vans returned early; penalty paid |
7,068,621.19 | 0.00 | 6,630,489.02 | 0.00 | 138,132.17 |
Amortisation schedule
| # | Period | Rate | Liability opening | Remeasure | Interest | Payment | Liability closing | ROU opening | Remeasure | Depreciation | ROU closing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Aug 2023 | 9.00% | 10,608,782.42 | 0.00 | 79,565.87 | 264,000.00 | 10,424,348.29 | 10,608,782.42 | 0.00 | 221,016.30 | 10,387,766.12 |
| 2 | Sep 2023 | 9.00% | 10,424,348.29 | 0.00 | 78,182.61 | 264,000.00 | 10,238,530.90 | 10,387,766.12 | 0.00 | 221,016.30 | 10,166,749.82 |
| 3 | Oct 2023 | 9.00% | 10,238,530.90 | 0.00 | 76,788.98 | 264,000.00 | 10,051,319.88 | 10,166,749.82 | 0.00 | 221,016.30 | 9,945,733.52 |
| 4 | Nov 2023 | 9.00% | 10,051,319.88 | 0.00 | 75,384.90 | 264,000.00 | 9,862,704.78 | 9,945,733.52 | 0.00 | 221,016.30 | 9,724,717.22 |
| 5 | Dec 2023 | 9.00% | 9,862,704.78 | 0.00 | 73,970.29 | 264,000.00 | 9,672,675.07 | 9,724,717.22 | 0.00 | 221,016.30 | 9,503,700.92 |
| 6 | Jan 2024 | 9.00% | 9,672,675.07 | 0.00 | 72,545.06 | 264,000.00 | 9,481,220.13 | 9,503,700.92 | 0.00 | 221,016.30 | 9,282,684.62 |
| 7 | Feb 2024 | 9.00% | 9,481,220.13 | 0.00 | 71,109.15 | 264,000.00 | 9,288,329.28 | 9,282,684.62 | 0.00 | 221,016.30 | 9,061,668.32 |
| 8 | Mar 2024 | 9.00% | 9,288,329.28 | 0.00 | 69,662.47 | 264,000.00 | 9,093,991.75 | 9,061,668.32 | 0.00 | 221,016.30 | 8,840,652.02 |
| 9 | Apr 2024 | 9.00% | 9,093,991.75 | 0.00 | 68,204.94 | 264,000.00 | 8,898,196.69 | 8,840,652.02 | 0.00 | 221,016.30 | 8,619,635.72 |
| 10 | May 2024 | 9.00% | 8,898,196.69 | 0.00 | 66,736.48 | 264,000.00 | 8,700,933.17 | 8,619,635.72 | 0.00 | 221,016.30 | 8,398,619.42 |
| 11 | Jun 2024 | 9.00% | 8,700,933.17 | 0.00 | 65,257.00 | 264,000.00 | 8,502,190.17 | 8,398,619.42 | 0.00 | 221,016.30 | 8,177,603.12 |
| 12 | Jul 2024 | 9.00% | 8,502,190.17 | 0.00 | 63,766.43 | 264,000.00 | 8,301,956.60 | 8,177,603.12 | 0.00 | 221,016.30 | 7,956,586.82 |
| 13 | Aug 2024 | 9.00% | 8,301,956.60 | 0.00 | 62,264.67 | 264,000.00 | 8,100,221.27 | 7,956,586.82 | 0.00 | 221,016.30 | 7,735,570.52 |
| 14 | Sep 2024 | 9.00% | 8,100,221.27 | 0.00 | 60,751.66 | 264,000.00 | 7,896,972.93 | 7,735,570.52 | 0.00 | 221,016.30 | 7,514,554.22 |
| 15 | Oct 2024 | 9.00% | 7,896,972.93 | 0.00 | 59,227.30 | 264,000.00 | 7,692,200.23 | 7,514,554.22 | 0.00 | 221,016.30 | 7,293,537.92 |
| 16 | Nov 2024 | 9.00% | 7,692,200.23 | 0.00 | 57,691.50 | 264,000.00 | 7,485,891.73 | 7,293,537.92 | 0.00 | 221,016.30 | 7,072,521.62 |
| 17 | Dec 2024 | 9.00% | 7,485,891.73 | 0.00 | 56,144.19 | 264,000.00 | 7,278,035.92 | 7,072,521.62 | 0.00 | 221,016.30 | 6,851,505.32 |
| 18 | Jan 2025 | 9.00% | 7,278,035.92 | 0.00 | 54,585.27 | 264,000.00 | 7,068,621.19 | 6,851,505.32 | 0.00 | 221,016.30 | 6,630,489.02 |
| 18 | Terminated 01 Feb 2025 | 9.00% | 7,068,621.19 | (7,068,621.19) | 0.00 | 0.00 | 0.00 | 6,630,489.02 | (6,630,489.02) | 0.00 | 0.00 |
Journal entries
| Date | Entry | Account | Debit | Credit | Status |
|---|---|---|---|---|---|
| 01 Aug 2023 | Initial recognition | Right-of-use asset | 10,608,782.42 | Posted | |
| Lease liability | 10,608,782.42 | ||||
| 31 Aug 2023 | Interest, month 1 | Interest expense - leases | 79,565.87 | Posted | |
| Lease liability | 79,565.87 | ||||
| 31 Aug 2023 | Lease payment, month 1 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Aug 2023 | Depreciation, month 1 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 30 Sep 2023 | Interest, month 2 | Interest expense - leases | 78,182.61 | Posted | |
| Lease liability | 78,182.61 | ||||
| 30 Sep 2023 | Lease payment, month 2 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 30 Sep 2023 | Depreciation, month 2 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Oct 2023 | Interest, month 3 | Interest expense - leases | 76,788.98 | Posted | |
| Lease liability | 76,788.98 | ||||
| 31 Oct 2023 | Lease payment, month 3 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Oct 2023 | Depreciation, month 3 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 30 Nov 2023 | Interest, month 4 | Interest expense - leases | 75,384.90 | Posted | |
| Lease liability | 75,384.90 | ||||
| 30 Nov 2023 | Lease payment, month 4 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 30 Nov 2023 | Depreciation, month 4 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Dec 2023 | Interest, month 5 | Interest expense - leases | 73,970.29 | Posted | |
| Lease liability | 73,970.29 | ||||
| 31 Dec 2023 | Lease payment, month 5 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Dec 2023 | Depreciation, month 5 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Jan 2024 | Interest, month 6 | Interest expense - leases | 72,545.06 | Posted | |
| Lease liability | 72,545.06 | ||||
| 31 Jan 2024 | Lease payment, month 6 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Jan 2024 | Depreciation, month 6 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 29 Feb 2024 | Interest, month 7 | Interest expense - leases | 71,109.15 | Posted | |
| Lease liability | 71,109.15 | ||||
| 29 Feb 2024 | Lease payment, month 7 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 29 Feb 2024 | Depreciation, month 7 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Mar 2024 | Interest, month 8 | Interest expense - leases | 69,662.47 | Posted | |
| Lease liability | 69,662.47 | ||||
| 31 Mar 2024 | Lease payment, month 8 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Mar 2024 | Depreciation, month 8 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 30 Apr 2024 | Interest, month 9 | Interest expense - leases | 68,204.94 | Posted | |
| Lease liability | 68,204.94 | ||||
| 30 Apr 2024 | Lease payment, month 9 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 30 Apr 2024 | Depreciation, month 9 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 May 2024 | Interest, month 10 | Interest expense - leases | 66,736.48 | Posted | |
| Lease liability | 66,736.48 | ||||
| 31 May 2024 | Lease payment, month 10 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 May 2024 | Depreciation, month 10 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 30 Jun 2024 | Interest, month 11 | Interest expense - leases | 65,257.00 | Posted | |
| Lease liability | 65,257.00 | ||||
| 30 Jun 2024 | Lease payment, month 11 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 30 Jun 2024 | Depreciation, month 11 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Jul 2024 | Interest, month 12 | Interest expense - leases | 63,766.43 | Posted | |
| Lease liability | 63,766.43 | ||||
| 31 Jul 2024 | Lease payment, month 12 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Jul 2024 | Depreciation, month 12 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Aug 2024 | Interest, month 13 | Interest expense - leases | 62,264.67 | Posted | |
| Lease liability | 62,264.67 | ||||
| 31 Aug 2024 | Lease payment, month 13 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Aug 2024 | Depreciation, month 13 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 30 Sep 2024 | Interest, month 14 | Interest expense - leases | 60,751.66 | Posted | |
| Lease liability | 60,751.66 | ||||
| 30 Sep 2024 | Lease payment, month 14 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 30 Sep 2024 | Depreciation, month 14 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Oct 2024 | Interest, month 15 | Interest expense - leases | 59,227.30 | Posted | |
| Lease liability | 59,227.30 | ||||
| 31 Oct 2024 | Lease payment, month 15 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Oct 2024 | Depreciation, month 15 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 30 Nov 2024 | Interest, month 16 | Interest expense - leases | 57,691.50 | Posted | |
| Lease liability | 57,691.50 | ||||
| 30 Nov 2024 | Lease payment, month 16 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 30 Nov 2024 | Depreciation, month 16 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Dec 2024 | Interest, month 17 | Interest expense - leases | 56,144.19 | Posted | |
| Lease liability | 56,144.19 | ||||
| 31 Dec 2024 | Lease payment, month 17 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Dec 2024 | Depreciation, month 17 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 31 Jan 2025 | Interest, month 18 | Interest expense - leases | 54,585.27 | Posted | |
| Lease liability | 54,585.27 | ||||
| 31 Jan 2025 | Lease payment, month 18 | Lease liability | 264,000.00 | Posted | |
| Cash / bank | 264,000.00 | ||||
| 31 Jan 2025 | Depreciation, month 18 | Depreciation expense - ROU | 221,016.30 | Posted | |
| Accumulated depreciation - ROU | 221,016.30 | ||||
| 01 Feb 2025 | Early termination | Lease liability | 7,068,621.19 | Posted | |
| Accumulated depreciation - ROU | 3,978,293.40 | ||||
| Right-of-use asset | 10,608,782.42 | ||||
| Cash / bank | 300,000.00 | ||||
| Gain / loss on lease modification | 138,132.17 |
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