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Adv given against property & its presentation

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Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2012 when amt is given in adv as a token without execution of MOU Deed or agreement in writing in purchase of purchase of land & building ,how to show in balance shet?

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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01 April 2012 Pl. note any payment of advance towards purchase of immovable property shall be supported with proper receipt.

It shall be shown as Advance given for purchase of land on assets side under the head Deposits and Advances.

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