Recording of value of land
This query is : Resolved
30 April 2017
i purchase a land in 1980 and now value of land has been increase. i want to report in balance sheet 2016. on such value i have to take in balance sheet as on 31.03.2016.
Vanita Rathi
(Expert)
30 April 2017
Cost price if you are preparing balance sheet for the first time
02 May 2017
but the value is less in 1981 and now the value has been inrease how i can prepare true & fair financial statement.
04 May 2017
You can show the land at the revalued figure if you are showing the land for the first time. In case you are regular in preparing the books of accounts, you have to revalue all the assets in the books and the increased value has to be shown in the revaluation reserve.
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