30 April 2017
i purchase a land in 1980 and now value of land has been increase. i want to report in balance sheet 2016. on such value i have to take in balance sheet as on 31.03.2016.
04 May 2017
You can show the land at the revalued figure if you are showing the land for the first time. In case you are regular in preparing the books of accounts, you have to revalue all the assets in the books and the increased value has to be shown in the revaluation reserve.
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