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Land purchasing

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350 Points Posted on 17 September 2020
My Party (proprietor ) purchase land. I want to know can I show this in fixed assets or adjust in capital account .
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On 17 September 2020 at 11:16 Report
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3924 Points Posted on 17 September 2020
Land is not fixed assets , you can not include in fixed assets .
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On 17 September 2020 at 11:31
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GST Practitioner & Accounts
15093 Points Posted on 17 September 2020

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 .  

 

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On 17 September 2020 at 13:54
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3924 Points Posted on 17 September 2020
One's again so sorry , I don't how mistake happen.
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On 17 September 2020 at 15:35
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Student
23693 Points Posted on 17 September 2020
Land needs to be shown under the heading "NON-CURRENT ASSETS" ( earlier termed as Fixed Assets ).
2 Reply
On 17 September 2020 at 16:23


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