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Accounting of Joint development project

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02 July 2024 I have a private limited company, recently we have a business proposal an with an another company which hold land, the proposal is development of land by construct residential and commercial establishment and sell to third party, for finance angle, we depend mainly on bank loan, and small portion of the development cost has contributed by the land holding company. In this scenario how i treat the amount received from these land holding company, does it required to issue invoice to land holding company
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
02 July 2024 No invoice required.
Keep it under advance and adjust it when you allot the flat.
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