SRINIVASA RAO P
13 March 2025 at 18:04

Passing of Accounting Entries

'X' and 'Y' are two Real Estate Companies.

Both of them have entered into an MOU for purchase of open plots by 'X' from 'Y'.
Later 'X' sells these plots to its prospective customers.

Now a prospective customer 'Z' approaches 'X' and agrees to purchase a plot for a total consideration amount of Rs. 12 lacs and pays an advance amount of Rs. 5 lacs to 'X'.

Later 'Z' pays the balance amount of Rs. 7 lacs (which is the consideration value mentioned in the Sale Deed ) directly to 'Y' at the advice of 'X' to avoid double stamp duty (i.e., from 'Y' to 'X' and again 'X' to 'Z') and the Sale Deed is executed by 'Y' in favour of 'Z'.
Also the consideration amount payable by 'X' to 'Y' for purchase of plot from 'Y' by 'X' is also 7 lacs.

Now how to pass the journal accounting entries in the Books of 'X' and 'Y' for closing the total amount of Rs. 12 lacs received from 'Z' for declaring it as income.

Kindly guide.

Thank You.

Answer now

Chandrashekar
11 March 2025 at 14:46

COA Mapping_GCC

Dear All,

Can you please share the Indian GL code for below expenses

Singapore GL -Description INDIA GL Account
048000 Low-Value Assets - Cost
048010 Low-Value Assets - Depn
141000 Group company receivables
147000 Receivables I/C
154000 Other Receivables - 3rd party
154200 Deposits Receivable
154201 Deposits Receivable > 1 Year
154400 Employee Receivables
126060 State Bank of India A/C XXXX - INR
126061 State Bank of India A/C XXXX - INR
098000 Deferred Charge & Prepaid Exp
161000 Amounts Payable to Group Companies 1 year
097400 Provision for Remaining Holiday
097600 Provision for Year-End Costs (Ext)
097800 Provision for Outstanding Invoices
097850 Provision for Outstanding Invoices I/C
97250N Provision for restoration obligations
081000 Subscribed Capital
082000 Retained Earnings
273500 Income from Provision Release
437607 Licence EDV Software I/C
496000 Bank charges and Other Payment Costs
498003 ENTERTAINMENT EXPENSES - DEDUCTIBLE
265000 Interest Income - Banks
220000 Corporation Tax
220099 Corporation Tax - Accrual

Regards

Answer now

Daya
02 March 2025 at 20:44

What is GRN

what is GRN and why it is matched with Purchased invoice.

Answer now

Daya
02 March 2025 at 20:20

Compound Journal entry

what is compound journal entry,
which type of journal entries routed by it.

Answer now

Daya
02 March 2025 at 20:05

What is meant by consumable stores

what is meant by consumable stores?

Answer now

Daya

Which type entries may be done by journal entry,
please reply by some illustrations.

Answer now

Daya

Which type of entries in in books routed by Journal entry.
Please reply.

Answer now

Daya

why each Journal entries has double effects in accounts.

Answer now

Daya
09 February 2025 at 20:00

What is Gross Block

what is Gross Block in Fixed Assets.

Answer now

Daya

what is operating profit and non operating profit
how to calculate it.

Answer now




CCI Pro
Follow us


Answer Query