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Q. > Please Help: accounting
if someone has a land of Rs 120000 and he sold it for Rs540000 and the property is registered on the buyer's name after that original seller and buyer cancels the sale and original seller pays Rs650000 to the buyer and regain the property. so at which amount land should be shown in original sellers books after regaining the land.
1 Answers
answered Nov 22, 2011 by Ashish Karundia , New Delhi
Dear Jatin,
In the instant case, the land should be shown at a cost of 650,000 bcoz the purchase price of the land is Rs. 650,000.
Hope the above suffice.
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Comments
CA VIPIN GARG
22-Nov-2011 , 09:08:40 amVery rightly said by Ashish Ji, it has to be shown at the price of Rs. 650000 because as it appears it looks like to be as repurchase of the same property by the original seller. Hope you got the answer you were looking for ... Have a nice day Jatin
Ca Rahul Mundada
22-Nov-2011 , 08:52:24 pmdear both the transaction is different and cost of purchase will be Rs 650000/-