Land and building
This query is : Resolved
03 August 2016
i have two land property in kolkota which was purchased in 1990 and second one purchase in 2010. but both fixed assets are not shown in balance sheet. i have business. i have filled the return under income from business & profession. how will show this two fixed assets in A/y 2016-17. and on what value. plz advice
03 August 2016
I am assuming that you are doing business as an Individual and the assets are in your name. You can bring them into the books at the cost of acquisition by giving a credit to your capital account. There will be no depreciation or appreciation charge on your land.
03 August 2016
it means i have shown these assets as per the purchase price on that time not on the current market value .
purchase price of land is Rs 30000 and Rs 225000. and how do i credited this in capital account plz advice .
purchase price of land is Rs 30000 and Rs 225000. and how do i credited this in capital account plz advice .
03 August 2016
Correct. It will be shown at historical cost and not at current market value as the underlying documents will be at historical cost.
Dr. Land and Buildings
Cr. Capital Account (or whatever name you have given for the account)
03 August 2016
can u plz specified the journal entry in capital a/c and land and buliding a/c and what is impact in balance sheet .
04 August 2016
Land& Building A/c(Purchased in 1990) Dr. Rs.30,000
Land& Building A/c(Purchased in 2010) Dr. Rs.2,25,000
To Capital account(Being land purchased in the year 1990 & 2010) Rs. 2,55,000
Land& Building A/c(Purchased in 2010) Dr. Rs.2,25,000
To Capital account(Being land purchased in the year 1990 & 2010) Rs. 2,55,000
04 August 2016
it means my capital a/c and land & buliding increased by 255000 in a/y 2016-17 . and as well as my assets & liability .
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