X Limited has sold its building for $.50 lakhs to the purchaser who has paid the full price. Company has given possession to the purchaser. The book value of the building is $. 35 lakhs. As at 31st March, 2020, documentation and legal formalities are pending. The company has not recorded the sale. It has shown the amount received as advance. Do you agree with this accounting treatment done by X Ltd.? What accounting treatment should the buyer give in its financial statements?