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 βΉ20 million, and pays an additional 3 million in cash. As per Ind AS 16 what should be the cost?Solution
Fair value of the asset given up is used to measure the cost of the asset received unless the fair value of the asset received is more clearly evident.
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