Advance given for land & building
This query is : Resolved
Abhishek Roy Choudhury
(Querist)
13 October 2015
Dear Sir,
A doctor has given a advance amount to the cooperative society when he purchased a flat in the society which is treated as advance for land and building in his personal balance sheet and after that every year he pays certain sum of money to the society for maintenance expenses so I want to know whether maintenance expenses given every year will be added with the advance for land and building every year or it will be treated as drawings.
Please solve my query as early as you can.
Thanks,
Abhishek Roy Choudhury.
A doctor has given a advance amount to the cooperative society when he purchased a flat in the society which is treated as advance for land and building in his personal balance sheet and after that every year he pays certain sum of money to the society for maintenance expenses so I want to know whether maintenance expenses given every year will be added with the advance for land and building every year or it will be treated as drawings.
Please solve my query as early as you can.
Thanks,
Abhishek Roy Choudhury.
CA R SEETHARAMAN
(Expert)
14 October 2015
Treat the maintenance expenses as drawing. Capitalize the land and building if construction is completed.
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