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journal entry of purchasing land for business

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(Querist)
13 October 2016 1 what will be the journal entry when a builder buys a land for construction purpose 2 if he buys a land with someone for only purpose of profit sharing what will the journal enty
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Parag

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Parag (Expert)
13 October 2016 Case 1: The Land will be shown as stock in trade. It is only when. The journal entry will be same like purchase. Case 2: it will be joint venture and only profit entry will be accounted. The other entries will be done in joint venture accounts.
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