a client has purchased flat in FY 16-17 by giving token amount, but he got possession of flat in FY 17-18, he had taken housing loan for purchase of the flat. what tally entries are to be passed for disclosing the flat and loan in FY 16-17 accounts.
we cannot disclose it as asset as we don't have possession until FY17-18
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tally entry for housing loan taken for purchase of flat
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Loan amount also paid to builder....... Registered agreement for the flat made...... what else is required to create an asset? ......May create 'Rights in Property' as asset.
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