Question number 11 Q11. Yerongapilly Ltd has identified a factory with three items of property, plant andequipment-Asset 1, Asset 2 and Asset 3-as a CGU. On 30 June 2018 the carrying amountsof the assets are as follows:Asset 1Asset 2Asset 3$120 000Required180 000+$530 000At 30 June 2018, there is an increase in interest rates that will reduce the value-in-usecalculations of the CGU based on its future cash flows. As a result, the recoverable amountof the unit is assessed to be $510 000.230 000a. Prepare any necessary general journal entries in the books of Yerongapilly Ltdfor the period ended 30 June 2018. Your answer must comply with therequirements of AASB 116 'Property, Plant and Equipment and AASB136 'Impairment of Assets'.b. How would your answer to (a) change if goodwill of $10 000 had beenallocated to the CGU?

As per AASB 116"Property plant & equipment's" the asset should be carried out at historical…

a. Prepare any necessary general journal entries in the books of Yerongapilly Ltd for the period ended 30 June 2018. Your answer must comply with the requirements of AASB 116 'Property, Plant and Equipment' and AASB 136 'Impairment of Assets'. D. How would your answer to (a) change if goodwill of $10 000 had been allocated to the CGU?

a. Prepare any necessary general journal entries in the books of Yerongapilly Ltd for the period ended 30 June 2018. Your answer must comply with the requirements of AASB 116 'Property, Plant and Equipment' and AASB 136 'Impairment of Assets'. D. How would your answer to (a) change if goodwill of $10 000 had been allocated to the CGU?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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