What is the market value of the land at the time it was sold

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Question - Quest Limited is an Indian cell-phone-manufacturing firm. In the previous financial year, the firm had sold a surplus piece of land and had recorded a gain of 2 crore. This land was recorded at 5 crore in the company's balance sheet at the time of the sale. What is the market value of the land at the time it was sold?

a. 7 crore

b. 5 crore

c. 2 crore

d. 3 crore

Reference no: EM132951776

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