Itnitial recognition in case of housing societies - 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: Itnitial recognition in case of housing societies (/showthread.php?tid=10648) |
Itnitial recognition in case of housing societies - saleha - 12-16-2011 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. |