06 February 2016
if i have registered agriculture land which i purchased (not inheritance) few years back and not shown in my balance sheet.. now how to show in balance sheet?? any objections from IT Dept???.
06 February 2016
Show the agricultural land purchased under the head Investment assets or Fixed Assets (not as stock-in-trade under Current Assets) with the purchase amount and expenses incurred for purchase of the land such as registration expenses, stamp duty etc. (i.e. historic cost). This fulfils the asset side of the balance sheet.
On the liabilities side of the balance sheet, increase capital amount to the extent of the amount shown for that asset in the assets side of B/s.
CAclubindia
