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accounting of land aquired

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(Querist)
13 March 2008 Govt.company aquired 10000 sqrfitland on payment of Rs.1 for construction of a sub station of power as per notification issued by govt the market price of land is Rs.1000 per sqr fit.what will be accounting treatment in books of account.
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Amit

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Amit (Expert)
13 March 2008 Land will be capitalised at Cost i.e. Rs.1.
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Jitender Garg

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Jitender Garg (Expert)
13 March 2008 Please clarify under what condition govt. co. acquire land at rs1 IT is govt grant case or something else please clarify
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CA Praveen Chopra

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CA Praveen Chopra (Expert)
13 March 2008 In any case cost of the acquired land is Rs.1 as far as accounting is concerned.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
14 March 2008 The Govt may acquire it under any circumstances, public interest etc.,even voluntary surrender by a party is also possible.

What ever may be the reasons, the accounting can be only at cost.
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