Journal entry
This query is : Resolved
Rahul Mishra
(Querist)
20 May 2014
Pls help
A party purchased a land of rs. 50lacs from a seller, the sales person had already borrowed from GIDC . At her request, purchaser had paid a D.D. of Rs. 30lacs directly to GIDC(Gujarat Industrial Development corporation)& remaining amount to him.
what is the journal entry for above transaction ..
A party purchased a land of rs. 50lacs from a seller, the sales person had already borrowed from GIDC . At her request, purchaser had paid a D.D. of Rs. 30lacs directly to GIDC(Gujarat Industrial Development corporation)& remaining amount to him.
what is the journal entry for above transaction ..
Rupesh Jain
(Expert)
23 May 2014
land a/c 30
to bank 30
and make the another same entry of rS. 20 lacs.
other wise
land a/c 50
to seller a/c 50
seller a/c 30
to bank a/c (for payment made to GIDS)
and
seller a/c 20
to bank a/c ( for bal amount)
to bank 30
and make the another same entry of rS. 20 lacs.
other wise
land a/c 50
to seller a/c 50
seller a/c 30
to bank a/c (for payment made to GIDS)
and
seller a/c 20
to bank a/c ( for bal amount)
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