THANKS ..
The value of land received is Rs. 22,50,000. And I want to show the Agriculture Land in Balance Sheet at the same value. So if i want to show Agriculture Land worh Rs. 2250000 in my father's balance sheet, which accounting entry i do need to pass ??
Against which account I can dabit this Agriculture Land ?
If i credit Capital A/c,
it looks like below -
Agriculture Land A/c Dr....... ...................................................22,50,000
To Capital A/c (Agriculture Land Received inheritance Cr...... 22,50,000
Is this right accounting ?