Indicate the date which X should recognize house as an asset in the books of the business.

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Asset book value dhs.150 transfer to sister co.buy on 1.10.10 transfer on 31.08....
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ABDUL MAJEED KUNNAM PADATH
12-October-2013

X purchases a house for $100. On Aug1, the sale contract is signed by X which states that the transfer of ownership will occur on1 Oct11. On Nov30, $100 is paid to the seller of the house.

Financial Accounting

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Date de publication: 2013/09/07

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par Khalid Noor , Accounting Manager , FedEx

On1 Oct11, IAS36 allows to book the asset when the risks and rewards transferred in the transaction. Contract is a binidng thing as per law which confirms the transfer of risks and rewards.

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par Sauresh Maitra , Finance and Admin , Indian Association Sharjah

Builder Reputation and Project location

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