Dear friends,
Entity X having a leased property have constructed office building with the consent of the actual owner. Approx... the life of the new constructed building is about five years or little more.
X inturn have sub-let the office space to various outside parties. The revenue generated thourgh this sub-let is being received by X.
I would like to the accounting treatment - as this has to be considered in the financials for the first time (the above scenario was not reflected earlier or in the begining)
Kindly let me know.
Thank you,
Rajesh Chigateri
CAclubindia
