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 meansÂ
I have to which value balance shown in under fixed assets
plse explain me
MPR Sanjay Kumar (2978 Points)
30 January 2023
CA Rashmi Gandhi
(Chartered Accountant)
(86220 Points)
Replied 30 January 2023
MPR Sanjay Kumar
(2978 Points)
Replied 30 January 2023
@ honourable Rashmi Gandhi mam welcome more months ago my honourable mam of your guidance....
Mam Mr A bought this land on 3.9.2012 RS 70,000 per sqft rate ( so 1320 * 70k= 9 crore twenty four lakhs) this value I have to shown in my 31st March balance sheet value for 2020??
CA Rashmi Gandhi
(Chartered Accountant)
(86220 Points)
Replied 30 January 2023
MPR Sanjay Kumar
(2978 Points)
Replied 30 January 2023
@ Rashmi Gandhi mam thank you ,mam some queries
1. So the land should be valued always at purchase price in balance sheet, is there any changes current market price we should have to add for an example in this case study but on 2012 but now for preparing to the 2020 so there is no changes in the market value price??
2. 9 crore twenty five lakh for 2020 so for every 31 March financial statement BS I have to show this value ?? 2021-2022
Kindly advice my honourable mam
prasad Nilugal
( GST Practitioner & Accounts )
(14163 Points)
Replied 30 January 2023
CA Rashmi Gandhi
(Chartered Accountant)
(86220 Points)
Replied 30 January 2023
MPR Sanjay Kumar
(2978 Points)
Replied 31 January 2023
@ honourable Rashmi Gandhi mam ,thank you very much mam..plse always guide me.thanks
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