Hi Sir or Madam
We are preparing financials to produce to bank
in the balance sheet Land value is 10 lacs
however the government value as per valuation certificate is 25 lacs
our proprietor asked us to revise the land value to 25 lacs in tally
is it a correct accounting practice to revise the land value as per valuation certificate
As I have some Idea that the Fixed assets should be carried based on historical cost
Thanks in advance
CAclubindia
