Accounting treatnent
This query is : Resolved
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
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
(Expert)
21 July 2014
this is amount paid in advance to capital vendor.
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