How to account profit from sale of fixed assets

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This discussion addresses how to account for a significant profit made from selling a fixed asset, specifically land. Experts suggest classifying this profit as an exceptional item and processing its transfer through the Profit and Loss (P&L) account. The process of moving this profit to a capital reserve via the P&L account is also clarified.

R.KANDASUBRAMANIAN

R.KANDASUBRAMANIAN (Querist)
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21 January 2022 the company has land and sold at profit of Rs 100 lakhs and after sale of this asset, no asset exits in block of assets.
how to account this in Profit and loss account
Is it Extradinary or Exceptional Item in PL a/c
how to transfer this to capital reserve and is it through PL a/c
kindly give your opinion experts