Land gifted to childrens
This query is : Resolved
22 March 2015
One of my clients had purchased pieces of land in his name and the amount for the purchase of such pieces of land was taken as loan from his son, and amount was shown as loans receieved and receivable in the respective books of accounts both are dealing in business of trading in sale and purchase of land. now the client has made a gift deed for all these pieces of land with zero consideration to his son. in such a case how do we deal with the accounting entries and what happens with the loans shown in both the books. what entries need to he passed. i have on so many occasions asked for queries but no reply kindly reply on this occassion
22 March 2015
1) When the land is gifted pass entries to effect the transfer of land.
2) Loans in both the books remain as it is unless it is settled.
2) Loans in both the books remain as it is unless it is settled.
22 March 2015
SIR PLEASE ALSO GIVE ME JOURNAL ENTRIES IN BOTH THE BOOKS OF ACCOUNTS
23 March 2015
Father's books.
Capital ac Dr
To land ac
Son's books.
Land ac Dr
To capital ac
Capital ac Dr
To land ac
Son's books.
Land ac Dr
To capital ac
23 March 2015
THANKS AND SO VERY KIND OF U
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