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
Replies (1)
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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