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
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