Capitalisation of property under loan and advance payment
This query is : Resolved
16 April 2015
Dear Sir,
We have purchased a property worth 1.34 cr wherein Rs.80 lakhs is loan from bank and remaining 54 lakhs is paid to the owner. LAP is recorded in the books as liability and part payment is kept as advance to the owner. what is the correct accounting entry for this?
regds:jaya
We have purchased a property worth 1.34 cr wherein Rs.80 lakhs is loan from bank and remaining 54 lakhs is paid to the owner. LAP is recorded in the books as liability and part payment is kept as advance to the owner. what is the correct accounting entry for this?
regds:jaya
17 April 2015
Greetings Jaya,
Incase u have already bought the property in your name you may pass Entry as
Property A/c Dr {Fixed Asset}
To Loan A/c {Secured Loan}
To Cash/Bank A/c { Amount from Bank will reduce; Cash is not possible}
Incase u have already bought the property in your name you may pass Entry as
Property A/c Dr {Fixed Asset}
To Loan A/c {Secured Loan}
To Cash/Bank A/c { Amount from Bank will reduce; Cash is not possible}
Message likes :
1 times
17 April 2015
yes agreed with above reply.....
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
