Value of land for accounting purpose

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akshay soni (Querist)
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24 December 2016 hello, experts!

my question is

I bought an agriculture land suppose for rs 700000 but till next year I pay only rs 500000.
than what will be value of such land in the balance sheet?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2016 Land value will be 7 lacs in the balance sheet. Show the payable amount under liabilities.

akshay soni

akshay soni (Querist)
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24 December 2016 WELL,
i purchase that land from goverment.
then which account i should mention in liability side?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2016 Mention the respective Govt.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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24 December 2016 I presume that you have just paid some instalments to the government towards purchase of land. If it is so, then you have to show the amount as ADVANCE FOR LAND Rs.5,00,000.