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AS-7
Accountancy
Does AS-7 applies on the builder who is developing the building as on their own choice (not on the offer of customer) and after building they are selling the flats
Answers (5)
Thread Starter
Atharv SankliyaOk so AS -9 will applies on that?
May be he is builder so buildings become inventory so As-2 apply
Surya Prakash
May be he is builder so buildings become inventory so As-2 apply
Ok. Means if a builder is developing the building without any specific contract with customer then AS-2 will be applicable right sir?
Thread Starter
Atharv SankliyaOk. Means if a builder is developing the building without any specific contract with customer then AS-2 will be applicable right sir?
Yes, he is developing buildings and Sell So As-2 apply For Eg: Generally Purchase of Car Is Fixed Asset and We show it in Balance Sheet asset side. where If we Car dealer showroom and we purchase car It will become Purchases and show in Trading Account and Follow AS-2
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