Construction of 2 floor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2012
when 2 nd floor is constucted on sanctioned & purchased FIS,which point are to be kept in mind while doing auditig & INCOME TAX?
CA PARAS BAFNA
(Expert)
07 January 2012
Generally , the methodology adopted earlier when Ist Floor was constructed has to be followed consistently.
.
It seems from your query that, Ist Floor was complete and your Organisation has purchased rights to construct 2nd floor.
.
You have to see whether the cost of project has been properly recorded or not. Have an Idea about the estimates of Project Cost and Project Revenue.
.
Eventhough AS-7 applies for contractors, yet it is advisable to study AS-7.
.
For Revenue recognition, you have to see AS-9. You may verify the basis of recognition of sale has consistently been followed, in all units, in case the activity involves multiple units.
.
.
It seems from your query that, Ist Floor was complete and your Organisation has purchased rights to construct 2nd floor.
.
You have to see whether the cost of project has been properly recorded or not. Have an Idea about the estimates of Project Cost and Project Revenue.
.
Eventhough AS-7 applies for contractors, yet it is advisable to study AS-7.
.
For Revenue recognition, you have to see AS-9. You may verify the basis of recognition of sale has consistently been followed, in all units, in case the activity involves multiple units.
.
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