Sale of flat and subsequent sales return by builder
This query is : Resolved
06 December 2011
A builder has sold few flats and shown the same as sale. Now, buyer is not paying sales consideration, therefore, builder wants to shows the same as sales return. A period of about six month has passed after the sale. Hence, prices of flates have increased.
My question is at what price sales return should be shown ? (i.e. at the same price at which it was sold or at the price prevailling at the time of sales return) Kindly support the answer with relevant accounting standard.
My question is at what price sales return should be shown ? (i.e. at the same price at which it was sold or at the price prevailling at the time of sales return) Kindly support the answer with relevant accounting standard.
12 December 2011
Return should be shown at the transaction value at the time of sale.
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