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Part A -
Write 1000 words short essay about the following: Disclosure of an impairment loss.
Part B -
Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:
Account
Carrying Amount
Land
100000
Equipment
23000
Building
14000
Inventory
6000
Goodwill
5000
Total CA
148000
Gali Ltd calculate the value in use of the division to be: 133000
If the fair value less costs of disposal of the Land is: 96351
Required: Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.
Part A is 1000 words short essay and part B is a question you have to solve and do journal entries (showing calculations).
Verified Expert
The said paper is in relation to IAS 36 - Impairment of asset.Here we have discussed about - when to test for impairment;how to test for impairment;and calculation and recognition of impairment loss.There was also a practical problem in respect to calculation of impairment loss of a CGU.
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For part B you have to prepare the journal entries for example what is being debit and what has been credit to the account for example see the photo attached you have to solve it that way you have done the correct calculations but the journal entries are missing.
This is my assignment for corporate accounting and reporting. You have to solve the assignment in word with proper references which have to be HARVARD ANGLIA STYLE. The assignment is 2 parts, part A is 1000 words short essay and part B is a question you have to solve and do journal entries (showing calculations). Everything must be typed using the ARIAL FONT SIZE 12. Please let me know the amount and the due date for when you can deliver. Thanks.
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