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Cost of acquisition

Vijay Mohan (359 Points)

09 December 2020  
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.

 1 Replies

yasaswi gomes (My grammar is 💯 good I)   (6476 Points)
Replied 09 December 2020

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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