Ordinary or exceptional

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166 Points Posted on 28 April 2021
land sold at the time of liquidation to get money whether it is ordinary or exceptional item as per AS-5
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On 28 April 2021 at 14:40 Report
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This discussion clarifies the accounting treatment of land sold during liquidation under AS-5. While the sale of land itself is typically considered an ordinary business activity, its classification as 'exceptional' can depend on specific circumstances and the nature of the liquidation process.

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Chartered Accountant
24588 Points Posted on 28 April 2021
Extra Ordinary item
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On 28 April 2021 at 15:40
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166 Points Posted on 28 April 2021
But actually sale of land is ordinary but exceptional right
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On 28 April 2021 at 18:00
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Chartered Accountant
24588 Points Posted on 28 April 2021
Yes you're right
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On 28 April 2021 at 19:17

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