A building under construction as below -
Can I prepare a Statement of Income & Balance Sheet from the above details.
Kindly advise.
Yes you can prepare both statements
For Profit and Loss Account
Cost incurred till date is to be shown as WIP
Book sales or revenue figure ( work out figure based on Accounting standards i.e. Revenue recognision and construction contracts)
For Balance Sheet
Closing balances of ledgers to be shown (like capital, WIP, and other ledgers)
Note
other parameters like constitution , type of project, method for revenue recognision and date of start of project are not considered
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