A piece of land was given to a firm free of cost six months back. Its fair value then was Rs. 12 lakhs and now it is worth Rs. 14 Lakhs. Under the conventional accounting system it will be reported in the Balance Sheet as on today at:
A. 12 lakhs
B. 14 lakhs
C. 2 lakhs
D. Not to be reported at all
Answer: Option A
This Question Belongs to Commerce >> Accounting
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