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Cost of acquisition
my want to sell property. but the purchaser wants to dismantle the property before registration as a vacant site. now the the query is shall we take value of the property as COA or value of vacant site.
Replies (1)
Land a/c
To Fixed assets a/c
land is separated from fixed assets
then land is valued at lower of net book value and net realisable value
Bank a/c
To Profit on sale a/c
after selling land. Then write off land from asset side.
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