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Hi sir,
Should minco account for the whole project as contract asset?when units are finished and on the day it is delivered to buyer should we eliminate the whole amount of contact asset and charge as revenue?
Or should we amortise contact asset over the contact period and charge revenue to p/l ?
Thank you..
Minco is no longer in the BPP revision kit because of the change in accounting rules when the new standards were introduced- I would recommend that you only work on questions in the current revision kit
For what it is it for what it is worth I think they would book revenue only when the house is complete and sold
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