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Land purchasing
My Party (proprietor ) purchase land. I want to know can I show this in fixed assets or adjust in capital account .
Replies (4)
Quick Summary
Land is not fixed assets , you can not include in fixed assets .
So so Sorry Land is Tangible Asset under non current Assets in balance sheet instead of Fixed Assets , Sir extremely sorry due to over sight this mistake has happened . earlier used term as fixed assets but now its non current assets . I hope you will not misunderstood me .
One's again so sorry , I don't how mistake happen.
Land needs to be shown under the heading "NON-CURRENT ASSETS" ( earlier termed as Fixed Assets ).
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