ENTRY FOR PURCHASE OF BUILDING BY LOAN


(Querist)
22 October 2019
WE PURCHASED A CONTRUCTED BUILDING OF 3FLOORS IN THE NAME OF COMPANY FOR RS.70,00,000/-. WE TOOK LOAN OF RS.52,50,000/- FROM OUR BANKER KOTAK BANK AND BALANCE PAID FROM OUR ACCOUNT TO THREE SELLERS OF RS.26,25,000/-, RS.26,50,000/- AND RS.17,50,000/-. WE INCURRED THE EXPENSES OF STAMP DUTY OF RS.3,57,000/-, RS.70,000/- AND RS.35,000/-. ALONGWITH THIS WE HAVE PAID RS.36108 TOWARDS INSURANCE.

LOAN AMOUT: 52,50,000/- AT A INTEREST RATE OF 9.6% REPAYMENT PERIOD 120MONTHS

COULD YOU PLEASE SHOW THE ENTRY FOR THE SAME.


A.S.SUNDARARAJAN (Expert)
22 October 2019
bank account debit for receipt of money
Credit the banker

Debit the banker
Credit Term loan ( Lon tern loans and advances) - xxx bank.

ANITHA S (Querist)
22 October 2019
THANKS YOU SIR,
WHAT ABOUT THE EXPENSES INCURRED FOR THIS PURCHASE. HOW TO BOOK THIS EXPENSES ENTRY

A.S.SUNDARARAJAN (Expert)
22 October 2019
You may capitalize the stamp duty paid in the asset purchased.


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