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Fixed assets

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(Querist)
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.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
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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