Accounting Problem - Journal Entries for Building - Printable Version +- Accountancy Forum (https://www.accountancy.com.pk/forum) +-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4) +--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=7) +--- Thread: Accounting Problem - Journal Entries for Building (/showthread.php?tid=10126) |
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.. |