Real estate
This query is : Resolved
ABHISHEK CHATURVEDI
(Querist)
25 May 2011
Please give some light,
There is a real estate company,it incurrs cost on construction of buildings.How to record the direct cost like materials and all incurred specifically on a particular project? They are recorded as direct expenses or as WIP?
There is a real estate company,it incurrs cost on construction of buildings.How to record the direct cost like materials and all incurred specifically on a particular project? They are recorded as direct expenses or as WIP?
Akhil Agrawal
(Expert)
25 May 2011
Since It is a real Estate Company then after building they will be selling the building therefore the exp will be booked as an WIP.
If it is a developer who builds & then maintains the same building, then it will be a Exp.
If it is a developer who builds & then maintains the same building, then it will be a Exp.
ABHISHEK CHATURVEDI
(Querist)
26 May 2011
so it means all the purchases will be booked as wip!
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