Accounting of land exchange

CA Bijay Shrestha (Never Give up....No matter what....)   (858 Points)

14 May 2019  

A company purchased Land A at Rs. 10 lakhs in 2017 and accounted at that cost.

In 2018, that land was exchanged with another land B. 

Fair Market value of Land A - Rs. 8 lakh

Fair Market value of Land B - Rs. 6 lakh.

 

How this land exchange should be accounted in Books and at what cost??