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Properties held as stick in trade

This query is : Resolved 
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(Querist)
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
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CA. Amit Daga

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CA. Amit Daga (Expert)
10 June 2009 That will be Capital work in progress
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Parveen Bansal

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Parveen Bansal (Expert)
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.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
11 June 2009 It is to be shown under "Construction Work in Progress" under Current Assets.
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