Lands in the possession of a temple have not been taken into books of accounts since long.Is it proper to bring into books those lands by crediting the capital fund account? If so,at what value? Please suggest.
CA. Bhabani , FCA, DISA, DIRM (Chartered Accountant) (205 Points)
07 March 2010Lands in the possession of a temple have not been taken into books of accounts since long.Is it proper to bring into books those lands by crediting the capital fund account? If so,at what value? Please suggest.
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26258 Points)
Replied 07 March 2010
First!!!!
(student)
(162 Points)
Replied 09 March 2010
U can record Land at a Nominal Rate in ur Books by crediting Capital Fund Account and Debiting Land Account.
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