alleryStart learning →Carrying Rs 1.2 crore; net proceeds Rs 1.5 crore. Recognised?
ALoss of Rs 30 lakh in P&L
BGain of Rs 30 lakh in P&L
CGain of Rs 1.2 crore in P&L
DGain of Rs 30 lakh in reserves
Answer & Solution
Correct answer: B. Gain of Rs 30 lakh in P&L
Net proceeds of 1.5 crore less carrying amount of 1.2 crore gives a 30 lakh gain, taken to profit or loss.
Keep practising Ind AS 23 Borrowing Costs and Ind AS 40 Investment Property
Browse all Ind AS 23 Borrowing Costs and Ind AS 40 Investment Property questions for CA Final, or explore more Financialreporting topics.
Related questions
Restrictions on realisability: what is disclosed?If fair value is unreliable, what is disclosed?When classification is hard, what is disclosed?Which profit or loss amounts must be disclosed?What must be disclosed under the cost model?Liabilities kept after disposal fall under which Standard?Compensation for lost property is recognised when?Gain or loss on disposal equals what?