veeru sagar
(BBE,M.com,CA Final )
(468 Points)
Replied 08 June 2013
As company purchase land and paid advance to the party than in such case the documentation have been completed regarding the land . the total cost of land capitalised with the amount and remaining balance amount of party shown in the loan liabilities and not capitalised the by company land is wrong decision
on the other hand if the documatation is not completed then the value of amount paid in advance regarding the land must be shown in loan and advances in assets side by the name of party to who you have paid advace
CAclubindia
