04 December 2013
i had purchased flat in 2008-9 for rs. 500000 and now in fy 2012-13 i sold for 1000000/-. occured ltcg 500000.
now my queries are i showed flat in balance sheet with value same 5 laks then what would be the accounting entry in balance sheet also index cost taken for this. i invest in june2013 10,00000 into another flat. my accounting treatment is correct or what pls solve my question bank a/c dr 10,00,000
to flat(b/sh asset) 5,00,000 to LTCG(MY CAPITAL A/C)5,00,000 IS IT CORRECT OR WHAT TO DO?
CAclubindia
