Mortgaged property

Ricky Chadha (student) (121 Points)

29 December 2009  

 PLEASE answer this question

In case a property is mortgaged to a debentureholder , value of property being equivalent to the amount of debentures held.

So,in this case property will be shon on Asset side under head Fixed Assets or not??

& 

P&L A/c dr. balance is considered as a parrt of reserve and surplus? ?

Thanx in Advance,!!