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Accounting for constuction contract

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(Querist)
09 July 2013 mr.A is contractor. he made an agreement with B housing society , that he will use societies land for redevelopment. he will give 20 flats to society and will sold 10 flats by owen.

at end of the year the building is 60% completed.

plzz suggest how will he recognise revenue
and profit
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
11 July 2013 You need to follow the percentage of completion method under AS-7

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