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Accounting treatment

This query is : Resolved 
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(Querist)
16 January 2008 My orgainistion is registered under society's Act and non-profit oriented and receives govt.grants. The govt.has given land free of cost. The members of the society are nominated by Govt. Recently the Accountant General personnel conducted audit of our accounts. The pointed out that :

1. The land has to be valued at market price and shown in the books of accounts where as we assigned Rs.1 value as it is given free of cost.

2. Similarly two buses were given by one of the PSU free of cost and shown At Rs.1 in the books where as they wanted to show at depreciated value from the date of purchase.
Please clarify.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
20 January 2008 The capital assets will be exhibited at the cost of acquisition and expenditure relating to their acquisition. Please clarify under what requirement the authorities demand the value to be shown at a particular figure.
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