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Accounting entry

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15 May 2017 Hi can anyone tell me accounting entry on sale of house property.
Effect on capital account and balance sheet. I sold property for 2200000 in fy 2015-16 and purchase 390000 in 2004-05
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
15 May 2017 I assume you are asking from a perspective of an individual.
Bank Account Dr .... 2200000
To House Property Account ... 390000
To Gain on sale of House Property 1810000

The balance lying in gain on sale of house property would be transferred to Profit and Loss Account.




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