our company have own land & develop that land to construct flats and sale to customers, i.e basic aim

now constructin started initial expenditure booked like

development authority charges
development soil investigation
development archtech fee
the above expenditure transferred to WIP account this was correct or not?

now construction expenditure like purchase of cement, metal, steel, sand all are booked under which head total 6 phases construction was started phase wise expenditure booked total expenditure first booked under WIP after that how the expenditure transferred to P& L Account and what is the procedure for revenue recognition?

please help sir- what is the accouting procedure and which expenditue goes to WIP and wich expenditure goes to P & L account?
please suggest me sir

Dear Sir,

Please let me know what do you mean by upfront interest in terms of Export. The client has taken PC facility against the Export orders.
The banker charges this on receipt of the proceeds.

Secondly, another question is relating to the liquor business.
One person is having a license another is using that license for fixed fees for that license.
Now the other person has taken the license and is doing that business. how does the transactions be accounted under both ends as the bills are named under the person who is having the license originally.
Please mail me to maheshkulkarni29@gmail.com.
I thank in advance for this help.

Thanks,
Mahesh

A company billed a customer with higher amount.Income a/c as well as Debtor(Customer)A/c were posted with higher amount.2 years later the company realises the mistake.What should be the accounting treatment now?

Sir, In last FY we had paid the excess FBT pls tell the treatment for that in books. Whether that amount should be posted at Expenses account.

Hi all
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