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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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.