Propert development - accounting rules

Hi all,

Can anyone help me? I need some general information how to do the books for property development (they buy a house, refurbish it and then sell it). I know how to do the accounts for the long-term construction contracts, but I don't know how to account for buying, improving and selling a property. It is not build from the scratch.

Any help will be appreciated.

 

Kind regards

 

Thomas 

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