Medium Plc purchased a plant at a cost of Rs.100 Mn on 1 April 2011.At the...

 

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Medium Plc purchased a plant at a cost of Rs.100 Mn on 1 April 2011.At the date of acquisition it was decided to depreciate this asset over a period of five years with no residual value. The accountant of the company tested this asset for impairment as at 32st March 2013 and identified that the value in use and fair value less cost to sell of this asset as at 31st March 2013 were Rs. 40 Mn and Rs.55 Mn respectively. What is the impairment loss to be recognized in the financial statements for the year ended 31st March 2013? Medium Plc purchased a plant at a cost of Rs.100 Mn on 1 April 2011.At the date of acquisition it was decided to depreciate this asset over a period of five years with no residual value. The accountant of the company tested this asset for impairment as at 32st March 2013 and identified that the value in use and fair value less cost to sell of this asset as at 31st March 2013 were Rs. 40 Mn and Rs.55 Mn respectively. What is the impairment loss to be recognized in the financial statements for the year ended 31st March 2013?

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