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Treatment of land

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(Querist)
10 November 2011 Sir,
Query:
A Real Estate Company has acquired certain land and started working on that land.My question is what should be the accounting treatment of Land and the Cost that has been incurred on land till the date the projects gets completed?

Can anyone please help ?
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Rajnish Singh

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Rajnish Singh (Expert)
14 November 2011 vineet.

what amount has paid by company to acquired the land and other expensess like registration or other legalise charges are the assets of the company till the year of project.

and every year you will deduct depreciation devided by year of complition (estimated).

as in the balance sheet you shown this property under leased assets.
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