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
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
CAclubindia
