accounting for lease agreement to use land.
This query is : Resolved
Balaji Chettiar
(Querist)
17 September 2007
if an autonomous body acquires land on lease for a nominal value of re.1, then is it necessary to make a valuation of the land so that it could be reflected in the books?
18 September 2007
no no need to revalue the land, bur u have to show the land in fixed asset register at a value paid
CA Manish Iyer
(Expert)
18 September 2007
Show land in your books at Re.1. However, if you want to show its true value, then revalue the land and show the revaluation surplus as revaluation reserve
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