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Real estate accounts

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 November 2012 Dear all

I want to know how to account for real estate accounts. Our client bought 2 acre of land they convert the land in to plot. and also they provide road, park, ground, etc... How i account for these transaction.
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CA Ravi Kumar Murugesh

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CA Ravi Kumar Murugesh (Expert)
22 November 2012 For real estate accounting, land acquired always be treated as stock. Other cost to develop the land will be considered as purchase cost. After selling of land it is nothing but a sale.
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