Post Reply 
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Accounting Problem - Journal Entries for Building
07-21-2011, 12:10 AM
Post: #1
Accounting Problem - Journal Entries for Building
Hi, Dear all,
I have a problem. One of My firm client has started construction of a plaza with intention to sell flats and shops to different clients. Now, one customer has bought one flat and paid $ 60000 in advance. Building is still under construction. Suppose total estimated cost of Complete plaza is $ 800,000. The estimated full cost of that sold flat is 20,000 and it is 40% complete. Now in the current year how should they record all these transactions i.e journal entries according to IFRS.
I would appreciate if you can help me out..
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Forum Jump:


User(s) browsing this thread: 1 Guest(s)