hiiiii
A real estate developer constructed a mall.
Some of the shops in the mall, he has sold while some are given on rent/lease to others. Lease agreement are not finance lease in nature.
Q.1 : How the accounting for shops sold should be made. (Plz explain giving entries)
Q.2 : How should the shops given on rent/ lease shold be presented in Balance sheet. Whether these are Investment Property as per AS-13 (as held for earning income by way of rent ) or Fixed Assets As per AS-19????
Plzzz reply..... its urgent....
CAclubindia
