Accounting of construction partnership firm

Even though AS-9 is not applicable as  it is a partnership firm,  receiving advances will not lead to any sort of

recognition of revenue as the plots to be sold are not yet marked,ready, and no binding agreement is entered  between parties. The advances are to be shown as liability only. No sales are to be recorded.

completed contract method if plot only sold and if whole amount recved accounting as per as 9

there is no sale transcation hasbeen complete, till the sale agreement all receipt as advance treated as liabiliteis and expenses incured on dovelopment of land or construction wiil be debit to work in progress a/c till the date of sale aggreent.