I live in a Co-op Hsg. Society in Navi Mumbai. The builder has not yet effected conveyance. So far in our Balance sheets, we are not showing the value of the building and hence no amortization entries appears. Is it the correct procedure? I am of the opinion that the land value / cost of the building / and / or purchase value of the members should be included in the Balance sheet and year to year amortization also be accounted for. Can anybody please throw light on this? If so what are the accounting entries?
CAclubindia
