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accounting for lease agreement to use land.

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(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?
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Nitesh

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Nitesh (Expert)
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
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CA Manish Iyer

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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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