valuation of land
This query is : Resolved
13 May 2011
my client has land which he was purchased in 1990 for 551008, he sold the part of land for Rs. 10,00,000. how it will be disclosed in the books of accounts and what about the balance part of land?The amount of 10,00,000 was not realised then how can i book the profit on sale of land.
RAHUL SARIA (CA, CS)
(Expert)
14 May 2011
The accounting shall be done as per AS-10.
The land must be in the books at cost i.e.551008(presuming no revaluations done).
Now find the percentage portion of land sold, suppose 50%.
Thus Sale Value 10 lacs less cost 275504 = 724496 is the profit.
Land shall stand at 275504.
The land must be in the books at cost i.e.551008(presuming no revaluations done).
Now find the percentage portion of land sold, suppose 50%.
Thus Sale Value 10 lacs less cost 275504 = 724496 is the profit.
Land shall stand at 275504.
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