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regarding valuation of Land

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(Querist)
02 November 2008 Suppose We purchased a Land on 01-01-2008 for Rs 1 lakh and at the end of the Year Market Value of the Land is Rs 80000 Then Waht Journal Entry is to be Passed Please let me know the answer
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Reetika Goel

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Reetika Goel (Expert)
02 November 2008 On the date of purchase,
Land A/c....................Dr
To Cash/Bank/Vendor A.c

On the date of sale,
Cash/Bank/Purchaser A/c.....Dr
Loss on sale of Land........Dr
To Land A/c

This loss will be covered under the head "Capital Gain"
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
03 November 2008 NO journal entry need be passed for market value differences if the land is retained and not sold.
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CA Bosu babu

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CA Bosu babu (Expert)
03 November 2008 not required to pass any journal entries as 31.03.08.

cost or MV which ever lower is dealt only normally for inventories & investments.

and not for fixed assets..

you have to see for impairment....

if negative impairment then decresed value shd be charged to P&L ac....

for better understanding see AS 10 & 28
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