Land Development Deed Cancellation and returning Expenditure

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ARCHANA (Querist)
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08 June 2022 Sir,
One Pvt Ltd company(Construction) Land owners entered into an agreement with Land developers for land development two year back but covid -19 reason it has not completed now they are cancelling the deed, Land owners paying amount the expenditure incurred on land to developers above 50 lakhs

What is the accounts effect for above transaction.

Thanking you,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 June 2022 Land owners have to capitalise it to the land cost.
Developer has to adjust it against expenditure incurred.

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