Question
A Ltd owns land and building which are carried in its balance sheet at an aggregate carrying amount of 10 million. The fair value of such asset is 15 million. It exchanges the land and building for a private jet, which has a fair value of ₹20 million, and pays an additional 3 million in cash. As per Ind AS 16 what should be the cost?
More Accounts Questions
- Which among the following would be classified as a part of Internal Liability?
- A firm sells Product A (₹50/unit, VC ₹30/unit) and Product B (₹100/unit, VC ₹60/unit) in ratio 2:3. Fixed costs = ₹4 lakh. Calculate BEP sales value.
- Money market is a market for ___ (1) ___ funds having maturity of ___ (2) ___.
- Which institutional mechanism deals with banks’ shortfalls in meeting Priority Sector Lending (PSL) targets, and how are such funds utilized?
- Under which section of the Income Tax Act, 1961, are the provisions related to TDS on interest on securities mentioned?
- When is a Suspense Account opened?
- Internal auditor is removed and appointed by which among the following?
- A company has the following inventory data for a product: •Opening Stock: 500 units @ ₹50 •Purchases: 1,000 units @ ₹55 •Sales: 1,200 units Closing sto...
- As an auditor you came across a situation where related party transactions have taken place. Which AS deals with it?
- Under Ind AS 2, when net realisable value (NRV) of inventory falls below cost, accounting treatment is:
Relevant for Exams:
Hey! Ask a query
Please enter email id
The email must be a valid email address.
Please enter Mobile Number
Please enter valid Mobile Number
Please enter your Doubt
