02 November 2010
Dear Sir, I have client who deals in property as main business, shall i treat the property purchased as purchase, unsold property as stock or shall i treat it as fixed assets...? & Whether in both the cases can he purchase property of any amt in cash..?
28 November 2010
If the main business is purchase/sale of property, then you have to show the property as purchased, unsold property as stock. You can the property as fixed asset but only those property which your client is using for his business purpose. No, I wont advise your client to purchase property in cash.
CAclubindia
