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Land revaluation procedure

This query is : Resolved 
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(Querist)
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
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CA SMR

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CA SMR (Expert)
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
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