Journal entery
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2012
Sir,
I have a doubt in Journal entry.
Suppose i am a construction company and I constructs houses and buildings and after furnishing them I sell them. Now my question is that what will be the journal of purchasing electronic fittings, sanitary
materials, furniture to be fitted in the houses and buildings for the purpose of selling them.
electronics a/c dr.
To cash/creditor a/c
OR
purchases a/c dr.
to cash
tell methe correct entery
and also tellme the the accounting procedure
I have a doubt in Journal entry.
Suppose i am a construction company and I constructs houses and buildings and after furnishing them I sell them. Now my question is that what will be the journal of purchasing electronic fittings, sanitary
materials, furniture to be fitted in the houses and buildings for the purpose of selling them.
electronics a/c dr.
To cash/creditor a/c
OR
purchases a/c dr.
to cash
tell methe correct entery
and also tellme the the accounting procedure
09 June 2012
entry could be
Equipment - "A/B/C etc" Dr.
To Cash/Vendor
Should you buy an apartment/bunglow with the intention of a resale then it'll be recorded as
Purchases Dr
to Cash/Party.
Equipment - "A/B/C etc" Dr.
To Cash/Vendor
Should you buy an apartment/bunglow with the intention of a resale then it'll be recorded as
Purchases Dr
to Cash/Party.
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