purchase of plotin case of builder & developers
This query is : Resolved
07 August 2010
i have purchase a plot rs. 6cr. as on jan 2010 construction on such plot strated from march 2010
can it necessary to shown plot on profit & loss a/c and claim full expenses as on 31stmarch 2010.also showimg wip
otherwise shown as the part of current assets & transfer to profit & loss a/c when project completed and occupency certificate received
please clarify both the method are as per accounting principle
can it necessary to shown plot on profit & loss a/c and claim full expenses as on 31stmarch 2010.also showimg wip
otherwise shown as the part of current assets & transfer to profit & loss a/c when project completed and occupency certificate received
please clarify both the method are as per accounting principle
09 August 2010
In your case AS 7 (Accounting for Construction business) shall be applicable. In this case land shall not be shown in P & L A/c until and unless sales are shown.
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