04-05-2007, 05:17 PM
there is a housing society which is profit oriented.
purchased land from goverment and ownership tansfered to society for infinite year.
society has 500 members and among members this land has to be divided.
society transfered the said land for 99 year lease.Society will retain ownership.
SCNEARIO 1
balance sheet scenario
asset side
1 cost of land given by society
2 development expenditure paid by society
3 outer development paid by society
all the above three head are shown in land account.
liability side
1 cost of land recovered from members
2 development expenditure recovered from members
3 outer development recovered from members
all the above three head are shown in liabiliy as advance from members.
is this disclosure is correct or not if society has not given possession yet.
what is The treatment of revenue as per IAS-18
SCNEARIO 2
in next year if society give the possession for 99 years lease than what is the accounting treatment of land and advance from members showing in the accounts.
what is The treatment of revenue as per IAS-18
further el me that which IAS is to be apply here under these conditions.
reply me in hurry
thanks to all replicants
purchased land from goverment and ownership tansfered to society for infinite year.
society has 500 members and among members this land has to be divided.
society transfered the said land for 99 year lease.Society will retain ownership.
SCNEARIO 1
balance sheet scenario
asset side
1 cost of land given by society
2 development expenditure paid by society
3 outer development paid by society
all the above three head are shown in land account.
liability side
1 cost of land recovered from members
2 development expenditure recovered from members
3 outer development recovered from members
all the above three head are shown in liabiliy as advance from members.
is this disclosure is correct or not if society has not given possession yet.
what is The treatment of revenue as per IAS-18
SCNEARIO 2
in next year if society give the possession for 99 years lease than what is the accounting treatment of land and advance from members showing in the accounts.
what is The treatment of revenue as per IAS-18
further el me that which IAS is to be apply here under these conditions.
reply me in hurry
thanks to all replicants
