20 January 2022
Mr. A Pays INR 1 Lakh to Builder ABC for a flat which is getting constructed. MR. A gets Allotment letter and buyer builder agreeement total flat value is 2 lakhs. what shall be the accounting treatment? whether 1 lakh paid will be treated as advance or full 2 lakhs will be recorded as Fixed Asset and 1 lakh payable to the builder.
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