Page 5 - 30. COMPILER QB - IND AS 101

Note: Only those assets and liabilities have been taken into account for calculation of proportionate goodwill
share of Joint Venture, which were given in the question as proportionate share of assets and liabilities of
ABC Ltd. added to XYZ Ltd.

Proportionate Goodwill of Joint Venture
= [(Goodwill on consolidation of subsidiary and JV/Total relative net asset) x Net asset of JV]
= (1507 / 23,137) x 1825 = 119 (approx.)
Accordingly, the proportional share of assets and liabilities of Joint Venture will be removed from the
respective values assets and liabilities appearing in the balance sheet on 31.3.2017 and Investment in JV will

appear under non-current asset in the transition date balance sheet as on 1.4.2017.
Adjustments made in IGAAP balance sheet to arrive at Transition date Ind AS Balance Sheet

Particulars 31.3.2017 Ind AS Transition date Balance
Adjustment Sheet as per Ind AS
Non-Current Assets
Property Plant & Equipment 22,288 (1,200) 21,088
Intangible assets – 1,507 (119) 1,388
Goodwill on Consolidation -
Investment Property 5,245 (405) 5,245
Long Term Loans & Advances 6,350 1,944 5,945
Non- current investment in JV - - 1,944
Current Assets (280)
Trade Receivables 1,818 - 1,538
Investments · 3,763 3,763
Other Current Assets 104 (50) 54
Total 41,075 (110) 40,965
Shareholder's Funds 7,953 - 7,953
Share Capital 16,597 - 16,597
Reserves & Surplus
Non-Current Liabilities 1,000 1,000
Long Term Borrowings 691 691
Long Term Provisions 5,904 5,904
Other Long-Term Liabilities
Current Liabilities
Trade Payables 8,455 (75) 8,380
Short Term Provisions 475 (35) 440
Total 41,075 (110) 40,965

Q3 (Nov 19)

Mathur India Private Limited has to present its first financials under IndAS for the year ended 31stMarch,
st
20X3. The transition date is 1 April,20X1.
The following adjustments were made upon transition to Ind AS:
(a) The Company opted to fair value its land as on the date on transition.

st
st
The fair value of the land as on 1 April, 20X1 was 10 crores. The carrying amount as on 1 April, 20X1
under the existing GAAP was Rs. 4.5crores.
30. 4