05 January 2018
Dear Experts Kindly clarify my doubt regarding how I can show an agricultural land being used for farming by an individual in his balance sheet. I have been asked to prepare his balance sheet for f. Y. 2015-16 and 2016-17. The land was inherited from his father btwn 1990-1995. Now while preparing balance sheet I m not able to sort out at what value I can record this asset. Kindly reply as soon as possible and if possible with reference to relevant sections that applies.
CAclubindia
