Land revaluation procedure
This query is : Resolved
04 July 2013
sir/madam,
The book value of a land of IOC Retail Outlet is Rs.2,56,800/- . But the market value as per sub-registrar valuation is around Rs.35,00,000/-.
Now, I decided to take into account the appreciated value of land in the books of account.
Kindly reply what is the procedure for appreciation of land.
thanks in advance
The book value of a land of IOC Retail Outlet is Rs.2,56,800/- . But the market value as per sub-registrar valuation is around Rs.35,00,000/-.
Now, I decided to take into account the appreciated value of land in the books of account.
Kindly reply what is the procedure for appreciation of land.
thanks in advance
05 July 2013
As per the AS 10 you need to revalue the entire class of Fixed Assets.The basis of revaluation should be disclosed.
Assuming you have only one asset in the class of assets say land,the accounting entry will be.
Land DR 3243200
To Revaluation Reserve(BS item) 3243200
Assuming you have only one asset in the class of assets say land,the accounting entry will be.
Land DR 3243200
To Revaluation Reserve(BS item) 3243200
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Agriculture income or business income
- Loan by Partnership Firm
- Suggestions required for income tax filing-software (FY 2025-26)
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
