How to account Under construction residential flat where the agreement is done and registered but payment is still outstanding??
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Accounting of Under construction Flat
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if the person selling is a builder then the under constructed flat is reflected as stock in trade .
from the point of vieqw of buyer if since there is no possession of the property or no sale deed he shall not record the same as he is not the legal owner. However if some amount is paid towards the property then the same shall be taken as current asset.
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