Land purchasing
Jamal Uddin Siddiqui (350 Points)
17 September 2020
My Party (proprietor ) purchase land. I want to know can I show this in fixed assets or adjust in capital account .
4 Replies
prasad Nilugal
(3914 Points)
Replied 17 September 2020
Land is not fixed assets , you can not include in fixed assets .
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 17 September 2020
So so Sorry Land is Tangible Asset under non current Assets in balance sheet instead of Fixed Assets , Sir extremely sorry due to over sight this mistake has happened . earlier used term as fixed assets but now its non current assets . I hope you will not misunderstood me .
prasad Nilugal
(3914 Points)
Replied 17 September 2020
One's again so sorry , I don't how mistake happen.
Shivam RC
(Student)
(23683 Points)
Replied 17 September 2020
Land needs to be shown under the heading "NON-CURRENT ASSETS" ( earlier termed as Fixed Assets ).
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