As-7
This query is : Resolved
Mustaqeem Khan
(Querist)
03 December 2012
respected sir/ma'am
A builder who has taken land from landlord on a condition that after completion of construction 40% flat would be given to the landlord and remaining 60% flats would be sold by builder.
Question is that whether above transaction would be covered under AS-7 and how would be profit recognised in the books
kindly help me
A builder who has taken land from landlord on a condition that after completion of construction 40% flat would be given to the landlord and remaining 60% flats would be sold by builder.
Question is that whether above transaction would be covered under AS-7 and how would be profit recognised in the books
kindly help me
Aditya Maheshwari
(Expert)
03 December 2012
In my view AS - 7 cannot apply.
Message likes :
1 times
Mustaqeem Khan
(Querist)
04 December 2012
If AS-7 cannot apply then how should i deal to the same prblm?
Aditya Maheshwari
(Expert)
04 December 2012
AS - 9 would apply. Sales value would be amount received from sale of 60% flats and expenses would be construction cost for 100% of flats.
Message likes :
1 times
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