Real estate accounting doubts

451 views
User Avatar

Student
663 Points Posted on 06 February 2022
Dear friends / experts,

case : This is the first time Mr X is showing his real estate business income and expenses in ITR for the financial year 2020-21 he has sold 2 lands in this period where as he had already purchased many lands before this period ...now he wants to include those lands in his balance sheet...now how to pass entries for already purchase land in this period and also for already made expenses for these already purchase lands. please reply at the earliest ...thanks in advance
0 Reply Share Follow
On 06 February 2022 at 14:52 Report
Replies (4)
Quick Summary
This discussion addresses a common query from a real estate business owner filing their Income Tax Return (ITR) for the first time. The user needs guidance on how to correctly record previously purchased land and associated expenses into their balance sheet for the financial year 2020-21. They are seeking clear accounting entries to reflect these historical transactions accurately.

User Avatar

Profession
28267 Points Posted on 06 February 2022
Pls send details at contactat @ easyaccountingaudittax.co.in
Reply
On 06 February 2022 at 15:53
User Avatar

CFO- at NHTF
58280 Points Posted on 07 February 2022
You need to adjust using accounting standards & SAs support like prior period items , opening balances
Reply
On 07 February 2022 at 07:18
User Avatar

Student
663 Points Posted on 07 February 2022

Thank you....Can u give some examples for entries plz?

Reply
On 07 February 2022 at 10:39
User Avatar

Profession
28267 Points Posted on 08 February 2022
These are not prior period cases.
Reply
On 08 February 2022 at 11:09

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Belated Return where Form 10IEA filed this year to
  2. GST Reconciliation Tool (2A vs Books) - looking fo
  3. TDS ON PF FORM 19 WITHDRAWAL
  4. Can a virtual office in Mumbai be used for company
  5. Eway and e invoicing in condition where 4 party ar
  6. Bank balance in ITR-3
  7. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  8. Tempsens Instruments IPO GMP Allotment Listing dat
  9. Upload Type - Correction. Not showing in TDS filli
  10. Partnership tax audit query

More recent discussions | Post

Related Topics :

Loading