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Calculate the amount of goodwill that would be recognised

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Question - Cacik acquired 80% of the 1 million issued £1 ordinary shares capital of Chaas on 1 April 20X1 for £1,750,000. Chaas' retained earnings were £920,000 at acquisition and £1,100,000 at year end 31 December 20X1.

The carrying amount (NBV) of Chaas' net assets at that date was the same as the fair value, with the exception of a building which had a carrying amount of £680,000 and a fair value of £745,000.

The Group measures non-controlling interest (NCI) at share of net assets. There was no impairment in the period after acquisition.

Required - Calculate the amount of goodwill that would be recognised in the consolidated Statement of financial position at 31 December 20x1.

Reference no: EM133150203

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