(Answered) Part a -write 1000 word short essay about the following how

Accounting

Part A -

Write 1000 word short essay about the following: How to calculate Recoverable amount, Value in use, Fair value less cost of disposal.

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
Patent	318000
Equipment	73000
Fittings	46000
Inventory	20000
Goodwill	17000
Total CA	474000

Gali Ltd calculated the value in use of the division to be: 423000

If the fair value less costs of disposal of the Patent is: 305630

Required: Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.

This assignment has 2 parts, 1000 word theory interpretation essay and a response to a practical application of the theory.

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