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Booking of income in case of real estate

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(Querist)
28 December 2013 Hi Experts,
We are running our real estate business of selling commercial shops. We are an authorized agent between buyer and seller and it was also mention in sale deed that we collect whole sale consideration on behalf of seller.
We collect whole amount of sale consideration from buyer say(Rs850000/-) and paid to seller (say Rs 700000) and earn Rs 150000 as income. So whether we should consider it normal sale/purchase or consider an commission income. Also suggest me appropriate accounting income.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
28 December 2013 you havent mention the nature of your business for which u provide agency business?
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CA Abhishek Pal

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CA Abhishek Pal (Querist)
30 December 2013 We are running our real estate business.
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CA Abhishek Pal

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CA Abhishek Pal (Querist)
30 December 2013 Kindly tell me the appropriate accounting entries also with relevant accounting heads.
Thanks
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