Land consideration value doubt plse help me

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3145 Points Posted on 30 January 2023
Mr A purchased land on 3.9.2012 2 cent ,1320 sqft ,price of land is 70,000 .now IAM preparing balance sheet on now 31 March 2020 means

I have to which value balance shown in under fixed assets


plse explain me
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On 30 January 2023 at 15:45 Report
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Quick Summary
This discussion addresses how to value land purchased in 2012 for a balance sheet dated March 2020. The core question is whether the land, listed under fixed assets, should be shown at its original purchase price or its current fair market value. Guidance is sought on the correct accounting treatment and any necessary calculations.

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Profession
28269 Points Posted on 30 January 2023
At fair market value price.
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On 30 January 2023 at 17:56
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3145 Points Posted on 30 January 2023

@ I need calculations sir 

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On 30 January 2023 at 18:02
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Chartered Accountant
86505 Points Posted on 30 January 2023
Book in balance sheet at purchase price.
2 Reply
On 30 January 2023 at 23:49

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