accounting of land aquired
This query is : Resolved
D C Sivastava
(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.
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
CA Praveen Chopra
(Expert)
13 March 2008
In any case cost of the acquired land is Rs.1 as far as accounting is concerned.
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.
What ever may be the reasons, the accounting can be only at cost.
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