MEANING OF LEASE AND FINANCE – ALL YOU NEED TO KNOW
LEASE
By the term lease, we mean a contractual arrangement whereby one party who can be an owner/ lessor/ leasing company buys the asset and grants the lessee the right to use the asset over the specified period, in exchange for a periodical lease rental payments.
The lease rental charges are paid as a consideration for the use of the asset, at short intervals. The charges amount to the income of the lessor…
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