regarding valuation of Land
This query is : Resolved
02 November 2008
Suppose We purchased a Land on 01-01-2008 for Rs 1 lakh and at the end of the Year Market Value of the Land is Rs 80000 Then Waht Journal Entry is to be Passed Please let me know the answer
02 November 2008
On the date of purchase,
Land A/c....................Dr
To Cash/Bank/Vendor A.c
On the date of sale,
Cash/Bank/Purchaser A/c.....Dr
Loss on sale of Land........Dr
To Land A/c
This loss will be covered under the head "Capital Gain"
Land A/c....................Dr
To Cash/Bank/Vendor A.c
On the date of sale,
Cash/Bank/Purchaser A/c.....Dr
Loss on sale of Land........Dr
To Land A/c
This loss will be covered under the head "Capital Gain"
03 November 2008
NO journal entry need be passed for market value differences if the land is retained and not sold.
03 November 2008
not required to pass any journal entries as 31.03.08.
cost or MV which ever lower is dealt only normally for inventories & investments.
and not for fixed assets..
you have to see for impairment....
if negative impairment then decresed value shd be charged to P&L ac....
for better understanding see AS 10 & 28
cost or MV which ever lower is dealt only normally for inventories & investments.
and not for fixed assets..
you have to see for impairment....
if negative impairment then decresed value shd be charged to P&L ac....
for better understanding see AS 10 & 28
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
