Properties held as stick in trade
This query is : Resolved
10 June 2009
One of our clients business is to buy and sell land and properties, flats etc.
Accordingly properties of which possession has been acquired will be shown as stock in trade under current assets. but what abt those properties which are still in construction and possession has not yet been acquired ?
will it be shown as capital Wip under fixed asset ? but it is not fixed asset.
kindly help me
Accordingly properties of which possession has been acquired will be shown as stock in trade under current assets. but what abt those properties which are still in construction and possession has not yet been acquired ?
will it be shown as capital Wip under fixed asset ? but it is not fixed asset.
kindly help me
10 June 2009
That will be Capital work in progress
11 June 2009
Until possession is not complete, payments will be shown as advances recoverable in cash or kind.
Review may be required for accounting of properties in stock, when possession is taken.
Review may be required for accounting of properties in stock, when possession is taken.
11 June 2009
It is to be shown under "Construction Work in Progress" under Current Assets.
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