Purchase of land
This query is : Resolved
Sharwan Baluni
(Querist)
16 November 2012
When should we recognize purchase of Land? Suppose we made payments to seller of Rs 1500000/- for purchase of land as on 31st march 2012, and balance balance is yet to be paid. How to show Land in books of accounts as on 31st march, 2012?
16 November 2012
After transfer of title deeds in your/company name then only you can recognoze it in your balance sheet and until that time you can show the amount paid as 'advance for land' only.
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