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solve it as per Ind-AS 4.9.4 S-8. In financial year 20X1-20X2, X Limited incurred the following expenditure in acou property consisting of 6 identical houses
solve it as per Ind-AS 4.9.4
S-8. In financial year 20X1-20X2, X Limited incurred the following expenditure in acou property consisting of 6 identical houses each with separate legal title including the land on which it is built. The expenditure incurred on various dates is given below: On April 1, 20X1 - Purchase cost of the property 1,80,00,000. On April 1, 20X1 - Non-refundable transfer taxes 20,00,000 (not included in the purchase cost), On April 2, 20X1- Legal cost related to property acquisition 5,00,000. On April 6, 20X1- Advertisement campaign to attract tenants 3,00,000. On April 8, 20X1 - Opening ceremony function for starting business 1,50,000. Throughout 20X1-20X2, incurred 1,00,000 towards day-to-day repair maintenance and other administrative expenses. X Limited uses one of the six houses for office and accommodation of its few staffs. The outer five houses are rented to various independent third parties. How X Limited will account for all the above mentioned expenses in the books of account (Study Materia)
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