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gaurav purchased 1000 sq. yard land to build factory and paid 15,00,000 towards its cost including registration charges. At the end of the financial year the value of the land came down to rs. 13,00,000 .Gaurav recorded the land at rs. 13,00,000 and booked a loss for rs. 2,00,000.Is he correct in treating the fall in value as a loss?? state and explain the accounting concept being violated .

Posted by Shaina Rajput 6 years, 10 months ago

CBSE > Class 11 > Accountancy

5 answers

Sakshi Sharma??️??️ 6 years, 10 months ago

COST CONCEPT IS BEING VIOLATED

Sakshi Sharma??️??️ 6 years, 10 months ago

No , it's wrong.The amount of ₹2,00,000 should be written as depreciation

?Rahul? ?Gusain? 6 years, 10 months ago

Yes it is correct

Kanishka Raturi 6 years, 10 months ago

No he is wrong ........the amount of rs.200000 should be recorded as ''depreciation on land''

Gurwinder Singh 6 years, 10 months ago

Yes he is correct

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