partnership firm is engaged in construction business & has started construction of buildings in fy 13-14 & sale deeds are prepared & also received some payment from customers & firm has also incurred various indirect exp like accounting fees, telephone exp etc. now what treatment will be given books for payment recd & exp incurred.
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Treatment of exp in books
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book the sales done as sales if it is completed or if not book it as WIP With the value of sales deed on the credit side of p&l
And debit the expenses to P&L.
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