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    CFAP 01) AFR W22 Answer

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    jzd25843
    Question Q4 by Sir Ammar

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    CFAP 01) AFR W22 Answer

    Uploaded by

    jzd25843
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    Question Q4 by Sir Ammar

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    © © All Rights Reserved

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    Question Q4 by Sir Ammar

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    9 views2 pages

    CFAP 01) AFR W22 Answer

    Uploaded by

    jzd25843
    Question Q4 by Sir Ammar

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    CA Winter 2022 Q4 W1.

    Goodwill Rs "m" Rs "m"


    Statement of financial position GL
    As at June 30, 2022 Investment - Debentures (W5) 3,246
    Rs "m" Share capital at acq. 2,000
    Assets Retained earnings at acq. 2,580
    Investment in JV - FV diff. 170
    Non-current assets Land - FV diff. 210
    Property, plant & equipment (6065 + 3130 + 210) 9,405 (4,960)
    Goodwill (W1) 270 NCI @ 40% 1,984
    Investment in JV (650 + 170) 820 Goodwill 270
    Investment in CL Associate (W6) 1,680
    CL C "m"
    Current assets (2870 + 2875) 5,745 Investment (2400 / 10) 240
    17,920 Share capital at acq. 150
    Retained earnings at acq. 180
    Equity and liabilities Building - FV diff. 10
    (340)
    Equity NCI @ 20% 68
    Share capital 3,000 Gain on bargain purchase (32)
    Retained earnings (W2) 5,957
    Translation reserve - associate (W6) 233
    Equity attributable to owners of the parent 9,189 W2. CRE Rs "m"
    Non-controlling interests (W3) 1,415 HL - at year end 6,500
    Total equity 10,604
    GL - at change in holding 2,860
    Liabilities GL - at acquisition (2,580)
    Net pension liability (650 + 280) 930 280 168 (At 60%)
    Debentures payable (W5) 3,216
    Other liabilities (2075 + 1095) 3,170 GL - at year end 3,280
    17,920 GL - at change in holding (2,860)
    420 315 (At 75%)

    Post-acq. RE of CL (W4) 308

    308 246 (At 80%)


    Share of profit of associate - CL (W6) 98
    Disposal receipt credited to RE - Error rectified (215 x 12) (2,580)
    Gain on bargain purchase - CL (32 x 10) (W1) 320
    Correction of interest expense on debentures (W5) 30
    Gain on disposal of CL (W7) 397
    Loss on change in holding of GL (W8) (104)
    Translation reserve reclassified to P&L (W4) (708 x 80%) 566
    5,957
    W3. NCI Rs "m" W5. Value of debentures
    Initial - GL (W1) 1,984 PV of interest of debenture at mkt. rate (50 x 14% x 4.11) 28.8 Rs.
    Acq. to Change in holding share (280 x 40%)(W2) 112 PV of principal of debenture at mkt. rate (50 / 1.12^6) 25.3 Rs.
    2,096 FV of one debenture 54.1 Rs.
    Change in holding (2096 x 15 / 40) (786)
    Change in holding to YE share (420 x 25%)(W2) 105 Number of debentures issues (200 x 60% / 2) 60
    Total fair value (54.1 x 60) 3,246 Rs 'M
    Initial - CL (W1) (68 x 10) 680
    Post acq. share (W2) (308 x 20%) 62 Charged to P&L (3000 x 14%) 420 Rs 'M
    Translation diff. of CL (W4) (708 x 20%) 142 Interest on EIR (3246 x 12%) (390) Rs 'M
    883 Correction of error 30 Rs 'M
    Disposal of CL (883)
    1,415 Revised balance of Debentures payable (3246 - 30) 3,216 Rs 'M

    W4. Translation schedule as at disposal date W6. Investment in CL associate C'm Exchg. Rate Rs "m"
    C 'M' Exchg. Rate Rs 'M' Investment at cost (W7) (15 x 30% x 25) 112.5 12.0 1,350
    Net assets at disposal (Same as equity) 368 12 4,416 SOPA [(235 - 210) x 30%] 7.5 13.0 98
    120.0 1,448
    368 4,416 Translation difference (Bal.) 233
    Closing 120.0 14.0 1,680
    Capital at acq. 150 10 1,500
    RE at acq. 180 10 1,800
    FV adjustment - Building 10 10 100 W7. Disposal of CL Dr. Cr.
    Post-acq. RE till disposal (210 - 180 - 2) 28 11 308 Investment/Bank (215 x 12) 2,580
    Investment in associate (15 x 30% x 25 x 12) 1,350
    Translation reserve (Bal.) 708 Net assets at disposal converted to PKR (W4) 4,416
    368 4,416 Non-controlling interests (W3) 883
    Gain on disposal - P&L (Bal.) 397

    W8. Change in holding in GL Dr. Cr.


    NCI (W3) 786
    Investment 890
    Retained earnings (bal.) 104

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