Govt. given a land to a NGO for school. no lease rent was fixed. lease is for 20 years.
at what value land should be shown in balance sheet\ of NGO.
3 Replies
Arvind Sharma
(ACA)
(1432 Points)
Replied 22 May 2011
It should be show at very low value... Refer AS 12
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 22 May 2011
| Originally posted by : Arvind | ||
 |
It should be show at very low value... Refer AS 12 |
 |
say 100 rs.
Devendra
(Chartered Accountant)
(4775 Points)
Replied 22 May 2011
As per AS - 12 Accounting for Government Grants, the Land should be recorded in the Balance Sheet at a Nominal value (say Rs. 100.)
Regards,
Devendra
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