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property puchased, stamp duty and registry charges

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(Querist)
11 January 2017 My father purchased plot for rs 151000 in 2004, registry of which completed in 2011 and stamp duty paid rs 49000. He is still Carrying amount of rs 151000 as advance paid for plot. what should be the correct treatment?
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Ruchi

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Ruchi (Expert)
11 January 2017 You should create a Plot of Land account as a type of fixed asset account and transfer the advance paid and the stanp duty paid amount there.
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Nikhil Barkiya

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Nikhil Barkiya (Querist)
11 January 2017 Thanks a lot Mam
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