Asset
This query is : Resolved
16 August 2011
Q.1 A person purchased a farm house. the purchase price inclueds:
Purchase cost of Land : 10 Lac
Mango tree standing on such land 2 Lac
--------
total purchase price 12 lac
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what amount should he shown in Balance sheet as cost of land, whether 10 lac or 12 lac.
what will be accounting treatement of income if he sold mango from such mango tree for rs. 3 lac in market.
kindly advise
Purchase cost of Land : 10 Lac
Mango tree standing on such land 2 Lac
--------
total purchase price 12 lac
--------
what amount should he shown in Balance sheet as cost of land, whether 10 lac or 12 lac.
what will be accounting treatement of income if he sold mango from such mango tree for rs. 3 lac in market.
kindly advise
27 September 2011
Well the cost of land is Rs 10 lakhs
The investment in mango trees is to be shown as Investment in Mango trees
The income from mango trees in Investment income
The investment in mango trees is to be shown as Investment in Mango trees
The income from mango trees in Investment income
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