Accounting treatment for immovable property received as an settlement

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Sir, good morning, I have one query regarding , Vacant site received from my mother as an settlement in the financial year 2017-2018 , that the same how to be shown in balance sheet , and what accounting treatement will have to give to complete the transaction.

Fair market value of the property is Rs.821500/-excluding stamp duty .

Kindly give your valuable opinion in this regard.

Replies (1)

Pl pass following Journal entry -

Cash / Asset / Bank A/c Dr.                             xxxx

To Capital A/c                                                             xxxx

 

 


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