Accounts for building under construction

Aroop Datta (Group CFO) (70 Points)

28 August 2017  

A building under construction as below -

  1. Cost of Land purchased 75 Lacs
  2. Cost of Construction 240 Lacs
  3. Total 315 Lacs
  4. Cost of Land is paid 75 Lacs
  5. 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.