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ENTRY FOR PURCHASE OF BUILDING BY LOAN

This query is : Resolved 

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.


bank account debit for receipt of money
Credit the banker

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

THANKS YOU SIR,
WHAT ABOUT THE EXPENSES INCURRED FOR THIS PURCHASE. HOW TO BOOK THIS EXPENSES ENTRY

You may capitalize the stamp duty paid in the asset purchased.


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