LAND PURCHASE

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Krishna (Querist)
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27 August 2010 Suppose a company wants to purchase a land from a party for its own. It made agreement with party and paid sum amount as an advance to them. How can we post that entry. How can we treat the Land owner in accounts. After paying full amount for final settlement of that agreement how can we post the entry.

Thanks & Regards,

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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27 August 2010 It can be debited a separate account called - Advance - Land purchase under loans & advances, after the procedure completed it can be transfer to Asset a/c

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