Accounting Standards
Quick practice
Question 1 of 5
A company entered into an agreement to sell its immovable property to another company for Rs. 80 lakhs. The property was shown in the Balance Sheet at Rs. 35 lakhs. The agreement to sell was concluded on 15th February 2020 and the sale deed was registered on 30th April 2020.
How will this event be dealt with in the financial statements for the year ended 31st March 2020?
A
Disclosed in notes to accounts.
B
Ignored
C
Disclose in directors report.
D
Record the sale of the property in the year ended 31st March 2020.
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