Real estate accounting doubts

Maya (Student) (663 Points)

06 February 2022  
Dear friends / experts,

case : This is the first time Mr X is showing his real estate business income and expenses in ITR for the financial year 2020-21 he has sold 2 lands in this period where as he had already purchased many lands before this period ...now he wants to include those lands in his balance sheet...now how to pass entries for already purchase land in this period and also for already made expenses for these already purchase lands. please reply at the earliest ...thanks in advance