Joint venture
Example:
Total no of flats = 10 flats
sale value of one flat= 1 crore
Land value of 10 flats = 2 crore
Land value of 1 flat = 20 lakhs
Builder saleable flats = 5 flats
Land owner saleable flats = 5 flats
in this situation how to account these transaction??.
Allocate 20 lacs to each flat.
Total sale value is = 8 crore
Land value expenditure = 2 crore
is it correct?
Less 2 flats given for land= 2 crore
sale value of 8 flats for builder = 8 crore.
Example:
cash A/c dr 1 crore
Sales Cr 80 lakhs
Land owner Cr 20 Lakhs
Is it correct?
Bank a/c Dr 1 crore
to sales Cr 1 crore.
2 flats to land owner is constructed in his land(un divided share not sold) no sale will happen from your side. It can only be sold by land owner.
Flat construction ac Dr 160 lacs
to land owner ac Cr 160 lacs
(8* 20 lacs)
At the time of handing over of 2 fkats to land owner.
Land owner ac Dr 160 lacs
to construction ac Cr 160 lacs.
(2 flats cost excluding land, land already with owner)
CONSTRUCTION A/C CREDITED UNDER WHICH CATEGORY( LIKE INCOME,EXPENSE,LIABILITY OR ASSET)??
I AM ALREADY TOLD LAND COST IS 2 CRORE.
AS PER YOUR ADVISE IT IS 160 LACS, THEN WHAT ABOUT THE BALANCE OF 40 LACKS??
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