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

Question

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.

Khalid Noor · Answer

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.

Sauresh Maitra · Answer

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

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