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Accounting for housing society

This query is : Resolved 
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(Querist)
04 August 2011 In case of Housing Society, The Amount contributed from the members specifically for the purchase of Asset, This amount is over and above maintenance deposit.


Please correct me if wrong: Following entries were passed.

1. While taking Amount from members

Bank A/C Dr.

To Members A/C. Cr(Grp-Current Liabilities)

2. At the time of purchase of Asset

Asset A/C. Dr.

To Bank A/c. Cr.

The Problem here is the Asset has been purchased but Liability is still standing in Books,

How to eliminate the liability entry?
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Preety Parik

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Preety Parik (Expert)
05 August 2011 The Amount collected is a capital Receipt. U had formed a fund and then expended from it.
Create a Ledger as Fixed Asset Fund or (any name--) under Reserves and Surplus on the Liability Side. Transfer members contribution to Fund A/C.
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Rehbar Siamwala

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Rehbar Siamwala (Querist)
05 August 2011 Thanks for the answer, I think this is the correct treatment...
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