I PURCHASED AGRICULTURAL LAND IN THE NAME OF AGREEMENT SALE CUM POWER OF ATTORNEY IN RS. 15,00,000 ON 30.11.2005 AFTER THAT DEVELOPMENT OF LAND AND SOME PLOT OF LAND SALE. MY QUESTION PURCHASE OF LAND FIXED ASSET OR PURCHASE ACCOUNT IN PROFIT LOSS OF ACCOUNT DEBIT SIDE.
10 April 2015
If it is your stock in hand (if you regularly purchase and sells land), then it would come in your Profit & Loss A/c as purchase and sale.
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