CCI Online Learning
50% OFF in CA/CS/CMA Subjects
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Construction Company


I request you to provide me the accounting entries for a construction company. Is it possible to write books in tally. A builder has entered into a development agreement with a land lord for constructing 20 apartments and give him 8. How to record transactions in this venture. How to follow percentage method as prescribed by ICDS and ICAI. How to record land cost and how to record the cost of the apartments of the land lord.How to record registration of partly completed apartments and how to book subsequent expenditure. If the cost of the land increases whether capital gains are applicable.For example the land cost was 2000 per sq.yard when the development agreement was made and it increased to Rs.3000 per sq.yard when the apartment was registered in the name of a party.
How to calculate the percentage of completion and arrive at profit and closing stock. What are the ledger accounts to be opened. Is it necessary to open one account for each apartment and debit cost and credit the sale value to the extent realised from the advance paid by the party.
I request you to kindly explain how these accounts are recorded in tally and what are the typical entries peculiar to this type of business. If the construction is going on at 2 or 3 sites how to maintain books in tally. How the common expenditure is to be allocated such as administration expenses. If any data is available in zip file please provide.



You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
GST Live Class    |    x