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vijayakumar (Querist)

31 August 2018
Respected sirs,
I bought a flat in 2005 for 100 Rs- entered as fixed asset. now I have sold it - in june 2018 -for 150 Rs. (TDS 1.5 Rs )ie recd148.5 Rs. Now I have bought another flat at 200 RS after 2 months- Now how should I enter or what ledgers should be created ? the extra 50 rs I have made by closing my deposits.
Please guide me to properly enter or entries.
Thank you very much.
vijayakumar

CA. Aryendra

CA. Aryendra (Expert)

31 August 2018 1. Entry for Sale of House
Purchaser Dr. Rs. 148.50
TDS Receivalbe Dr Rs. 1.50
To House Cr Rs. 150.00
(Being House sold for Rs. 150.00)
2. Entry for Profit on Sale
House Dr. Rs. 50.00
To Capital Gain CR Rs. 50.00
(Gain Earned on Purchase of New House)
3. Entry For Payment Receipt
Bank A/c Dr. 148.50
To Purchaser Cr. 148.50
(Being payment Received from Purchaser)

4. Entry for Purchase of New House
House Dr Rs. 200.00
To Bank Cr. Rs. 200.00
Under mentioned ledger required to create.
1. Ledger of Purchaser
2. Ledger of Capital Gain
3. Ledger of TDS Receivable
4. Ledger of House

vijayakumar

vijayakumar (Querist)

01 September 2018 Respected sir,
Thank you, thank you very much. I have very little knowledge on accounts, ( am a chemist ) .You were kind enough to guide me. Also pl tell me -ledger creation -Purchaser - what type -ie sundry detor ?? etc.
capital gain - under what head??
tds RECEIVABLE -under what head??
ledger of house -is it ok -under current assets.. Thank you ,very much for sparring your time.-vijayakumar

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