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Jayesh (Internal Auditor)     06 December 2011

Sale of flates and sales return by builder

A builder has sold few flats and shown the same as sale. Now, buyer is not paying sales consideration, therefore, builder wants to shows the same as sales return. A period of about six month has passed after the sale. Hence, prices of flates have increased.

My question is at what price sales return should be shown ? (i.e. at the same price at which it was sold or at the price prevailling at the time of sales return) Kindly support the answer with relevant accounting standard.



 4 Replies

suchit shah

suchit shah (Dy. Manager(Finance & Accounts))     08 December 2011

there are many things to look for some of them are

whether construction has been finished?

Agreement for sale has been done?

possession has been given or not?

then this question can be answered in a better way..  

suchit shah

suchit shah (Dy. Manager(Finance & Accounts))     08 December 2011

there are many things to look for some of them are

whether construction has been finished?

Agreement for sale has been done?

possession has been given or not?

then this question can be answered in a better way..  

rn venkateswarlu

rn venkateswarlu (student)     19 December 2011

what type of  statutory books maintained in the construction comapny?

rn venkateswarlu

rn venkateswarlu (student)     19 December 2011

please mention your email id then we interact directly


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