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Accounting treatnent

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umesh (Querist)
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21 July 2014 agreeement to sale a propwrty is entered on 27 march and token money of 4 lakhs is paid against full consideration of 25 lakhs which will be settled on 26 may nw question is how the property should b adjsted? wether it should be adjusted against 4 lakhs or rs 4 lakh should be shown as an advance to purchase the property on balance sheet date thanx in advance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 July 2014 should show it in fix assets under capital work in progress and show only amount paid of 4 lkahs on bal sheet date.

Vishnu Saboo

Vishnu Saboo (Expert)
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21 July 2014 this is amount paid in advance to capital vendor.

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