ACCA P2- December 2009

On June 30, 2008 Grange had acquired a 100% interest in Sitin a Public Limited Company for a Cash Consideration of 39 Million. Sitin’s identifiable net assets were fair valued at 32 Million.
On 30 November 2009 , Grange disposed of 60% of the equity of Sitin when its identifiable net assets were 36 Million. Of the increase in net assets 3 Million had been reported in profit or loss and $ 1 Million had been reported in Comprehensive Income as profit on an available for sale asset. The sale proceeds were 23 Million and the remaining equity interest was fair valued at 13 Million. Grange could still exert significant influence after the disposal of the interest. The only accounting entry made in Grange’s financial statements was to increase cash and reduce the cost of the investment in Sitin. Calculate Profit or Loss ( 6 Marks)
Other Relevant Information is
Net Assets at Date of Acquisition for Sitin – 32 Million
Net Assets at Date of Disposal for Sitin – 36 Million.
Answer given by ACCA Solved Paper is
Fair Value Consideration 23 Million
+ Fair Value of Remaining Interest 13 Million
+Gain reported in Comprehensive Income 1 Million
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Total 37 Million
+
100% Net Assets (36) Million
Goodwill ( 39 Million minus 32M) (7) Million
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Loss on Disposal (6) Million

This is beyond my Comprehension. When 60% stake was disposed where is the question of deducting 100% stake ( as done by ACCA solved Answers ) . I have calculated it as under, Kindly advise whether it is right or wrong,
My Assessment
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Net Assets at the Date of Disposal 36 Million
+ Goodwill 7 Million
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Total 43 Million

Sitin disposed of 60% Stake out of this 43 Million which comes to 25.8 Million
Sitin Got Sale Proceeds to the extent of 23 Million
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Loss on Sale is 2.8 Million

Kindly advise what is correct !

Deep