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Purchase of land

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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?
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CA Ravi Kumar Murugesh

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CA Ravi Kumar Murugesh (Expert)
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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