Reference no: EM133085664
Question - XYZ Ltd. acquires ABC Ltd. as at 31st January, 2020. At that date the assets and liabilities of Imani Ltd. were as follows:
Item Shs.
Land and Building 10,000,000.00
Motor Vehicle 3,000,000.00
Furniture and Fittings 800,000.00
Debtors 200,000.00
Cash at Bank / (Bank Overdraft) (200,000.00)
Creditors 1,850,000.00
Bank Loans 1,000,000.00
Pendo Ltd. paid a consideration of Shs. 25,000,000.00 and acquired 80% of Imani Ltd.
Required -
1. Determine the Value of Net assets.
2. Determine the Goodwill on acquisition of Imani Ltd.
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