A building under construction as below -
- Cost of Land purchased 75 Lacs
- Cost of Construction 240 Lacs
- Total 315 Lacs
- Cost of Land is paid 75 Lacs
- Construction Costs paid till date is 110 Lacs, balance to be paid 130 Lacs
Can I prepare a Statement of Income & Balance Sheet from the above details.
Kindly advise.