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Find impairment of goodwill as at march

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Reference no: EM132584072

Club PLC acquired 80% ordinary shares of Diamond PLC on 31 March 2019 for Rs. 48 million when Diamond PLC share capital and retained profit balances were Rs.40 million and 10 million respectively. The non-controlling interest as at acquisition was valued at fair value of Rs.12 million.

Following balances were extracted from the statement of financial position of Diamond PLC as at 31 March 2020.

Share capital Rs.40 million

Retained profit Rs Rs.15 million

  • The impairment test performed as at 31 March 2020 revealed followings
  • Present value of the future expected cash flows (value in use) of Diamond PLC as a cash generating unit is Rs.63 million
  • Fair value less cost to sell of Rs.60 million

Required

Question 1. Goodwill at acquisition

Question 2. Impairment of goodwill (if any) as at 31 March 2020

Question 3. Non-controlling interest as at 31 March 2020

Reference no: EM132584072

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