Accounts for building under construction

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