R ltd purchsed 500sq metre land for Rs 1.5 crore to build a factory at the end of the year the market value of land was 1.35 coroe R ltd treated Rs 15lakh as loss and recorded the land at 1.35 crore is it a correct treatment ? give reason .
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Answer:
no ,it was not a correct statement
Explanation:
According to accounting standards
we keep stick on book value on non current assests rather than it's market value
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