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Bianchi type V matter filled universe with varying lambda in generalrelativity are investigated by using the law of variation for the generalizedmean Hubble parameter. This yields the constant value of deceleration parameterand generates two types of solutions for the average scale factor one is ofpower law type and other is of exponential type. The cosmological constant isfound to be a decreasing function of time, which is supported by results fromrecent type Ia supernovae observations. Also it has been found thatcosmological constant affects entropy. Some physical and geometric behaviour ofthe models are discussed.

Bianchi Type V Matter Filled Universe with Varying Lambda Term in General Relativity