Accounting for fixed asset received as donation

We r a co-op hsg society and we r having a flat in society name.

But we hv not separately account in the books of accounts but shown as a unit value and b unit value

Now we intend selling the flat for using for major repairs. now should we separately account in the books of accounts with a particular value.this flat was purchased way back in 1974 and in 2012 the society was redeveloped and the society flat became bigger just like other flats.

Kindly advise

S Venkitasubramanian

Treasurer

Manav Kalyan CHS Ltd

Bangur Nagar goregaon West

Mumbai 400104