1. How should a co-op housing society account for the cost of building ? IF the Building is debited under fixed assets , should the corresponding liability be created on the liability side under the head, contribution to building cost by members under unsecured loans? The same was not taken into account by the auditor last year & i want to take the same into books of accounts this year.
2. Also the society has sold some scrap sale of air conditioned units . Again these were no shown under fixed assets by the earlier auditor. the said units were given to the society by the builder. how do i account for it in the current year in which sale is made.
CAclubindia
