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Itnitial recognition in case of housing societies
12-16-2011, 04:08 PM
Post: #1
Itnitial recognition in case of housing societies
A newly developed housing society whose main business is to purchase agricultural land from persons and sale after development of residential buildings. On sale 50 % of land is transferred in the name of actual owner of agri land and 50% is retained by the company. What shall be the accounting treatment for initial recognition of land and revenue arising on it.
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