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
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Real estate accounting doubts
Replies (4)
Quick Summary
Pls send details at contactat @ easyaccountingaudittax.co.in
You need to adjust using accounting standards & SAs support like prior period items , opening balances
Thank you....Can u give some examples for entries plz?
These are not prior period cases.
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