How to make journal entry for Joint fixed assets purchased.
And also Journal entry of Joint Bank account maintained.
How to make Journal entry of Loan taken against term Deposit.
Loan token for car loan how to bifurcate it
means Principal amount equal to loan amount and interest amount charged to profit and loss account.
We have a construction company. We have received the CCTV camera bill, including installation charges. How to pass the entry.
Interest paid against loan taken property,
whether should be treated as revenue expenses .
or may be another treatment.
Treatment of stamp duty paid for office taken on rent for 3 years,
whether should be charged as revenue expenses or amotized in 3 Years equal amount,
whether land value include all the expenses regarding buying properties ,i.e. Registration Fees or Stamp duty. should be club into the Land Value.
How to Make Journal entry of Loan taken against Property
and repaid journal entry.
'X' and 'Y' are two Real Estate Companies.
Both of them have entered into an MOU for purchase of open plots by 'X' from 'Y'.
Later 'X' sells these plots to its prospective customers.
Now a prospective customer 'Z' approaches 'X' and agrees to purchase a plot for a total consideration amount of Rs. 12 lacs and pays an advance amount of Rs. 5 lacs to 'X'.
Later 'Z' pays the balance amount of Rs. 7 lacs (which is the consideration value mentioned in the Sale Deed ) directly to 'Y' at the advice of 'X' to avoid double stamp duty (i.e., from 'Y' to 'X' and again 'X' to 'Z') and the Sale Deed is executed by 'Y' in favour of 'Z'.
Also the consideration amount payable by 'X' to 'Y' for purchase of plot from 'Y' by 'X' is also 7 lacs.
Now how to pass the journal accounting entries in the Books of 'X' and 'Y' for closing the total amount of Rs. 12 lacs received from 'Z' for declaring it as income.
Kindly guide.
Thank You.
Dear All,
Can you please share the Indian GL code for below expenses
Singapore GL -Description INDIA GL Account
048000 Low-Value Assets - Cost
048010 Low-Value Assets - Depn
141000 Group company receivables
147000 Receivables I/C
154000 Other Receivables - 3rd party
154200 Deposits Receivable
154201 Deposits Receivable > 1 Year
154400 Employee Receivables
126060 State Bank of India A/C XXXX - INR
126061 State Bank of India A/C XXXX - INR
098000 Deferred Charge & Prepaid Exp
161000 Amounts Payable to Group Companies 1 year
097400 Provision for Remaining Holiday
097600 Provision for Year-End Costs (Ext)
097800 Provision for Outstanding Invoices
097850 Provision for Outstanding Invoices I/C
97250N Provision for restoration obligations
081000 Subscribed Capital
082000 Retained Earnings
273500 Income from Provision Release
437607 Licence EDV Software I/C
496000 Bank charges and Other Payment Costs
498003 ENTERTAINMENT EXPENSES - DEDUCTIBLE
265000 Interest Income - Banks
220000 Corporation Tax
220099 Corporation Tax - Accrual
Regards
Journal entry for Joint fixed Assets Purchased