Revenue recognition in real state industry

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Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2012 hi friends

can any body tell me how I can recognize revenue in real state company .I gave the following detail of company's nature transaction:-

i)co. gave advance to farmer/others. then
ii)Co. registered land from various farmer/others.
iii)receive advance/then receive Down payement & then continuously receive monthly EMI from its customer.

please suggest me how i can recognize revenue.

please anyone not refer me to read guidance note on real state developer bcoz i have already read.

Amol S Joglekar

Amol S Joglekar (Expert)

11 November 2012 Sooner or later the % completion method is going to be implemented in this industry. It is, therefore, better, you adopt the same now onwards.

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2012 i know dear but how I apply %age complection in this case?

how I compute DOC & project revenue & how I ascertain project cost?

and thanks dear 4 ur reply

Amol S Joglekar

Amol S Joglekar (Expert)

12 November 2012 The % completion shall be the DOMAIN of the ARCHITECT of the project. The accountant whether chartered or not, needs to follow the said Architect.

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