Fixed assets
This query is : Resolved
20 June 2013
what should be the accounting treatment of purchase of a plot on installment.the total purchase cost is 5500000, and in the 1st year , 1790000 was paid as installment . what should be the treatment in 1st year . should it be recognised as expense or an assets if the possession was not transferred.
20 June 2013
You can keep as Capital advances account what ever paid as installment and transfer to asset account once the registration completed
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