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Accounting Problem - Journal Entries for Building - arham - 07-21-2011
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..