AS 9 applies to owners of lands who develop a building for flats to be sold. when only one flat is sold, do we have to debit proportionate expenses incurred to profit loss to come up with that year's profit/loss?
i mean, can we proportionaltely say, on square feet basis allot expenses for this flat?
i feel yes,
regards, ca kunjan, 9222 9222 92, mumbai
CAclubindia
