Accounting standard 9 -->owner/builder --> how to record proportionate expneses
This query is : Resolved
14 October 2022
how to record expenses incurred in books of owner-builder if only one flat is sold out of 20 flats? building is still under construciton.
my view--> proportionately, on sq feet , whatever is sold divided by total sq feet built till now.
my view--> proportionately, on sq feet , whatever is sold divided by total sq feet built till now.
15 October 2022
For recording expenses in books the actual expense for the whole building is debited. But to calculate proportionate profit at the year end, the view correct. It is also calculated based percentage on completion method.
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