Illustration 31: Partial disposal where subsidiary becomes an associate AT Ltd. purchased a 100% subsidiary for 350,00,000 on 31st March 20X1 when the fair value of the BT Ltd. whose net assets was 40,00,000. Therefore, goodwill is 710,00,000. The AT Ltd. sold 60% of its investment in BT Ltd. on 31st March 20X3 for 767,50,000, leaving the AT Ltd. with 40% and significant influence. At the date of disposal, the carrying value of net assets of BT Ltd., excluding goodwill is 780,00,000. Assume the fair value of the investment in associate BT Ltd. retained is proportionate to the fair value of the 60% sold, that is 745,00,000. Calculate gain or loss on sale of proportion of BT Ltd. in AT Ltd.'s separate and consolidated financial statements as on 31st March 20X3