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Question - Gali Ltd has determined that its fine china division is a CGU( Cash Generating Unit ). The carrying amounts of the assets at 30 June 2015 are as follows:
Account Carrying Amount
plant 385000
Equipment 89000
Fittings 56000
Inventory 24000
Goodwill 20000
Total CA 574000
Gali Ltd calculated the value in use of the division to be: 514000, If the fair value less costs of disposal of the plant is: 370472.
Required - Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.
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