Accounting entry for immovable property received as gift

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21 Points Posted on 19 September 2017

Hii All,

I am the Partner of one LLP Firm. The firm received a immovable property during the year from one Pvt. Ltd Company, Now i want to record this asset in my books of account, Please advise me how to do the same.

Further i have also paid the Stamp duty and registration fee for the above mentioned property, Please advise me how to record the same.

 

 

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On 19 September 2017 at 13:16 Report
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Team Lead
5675 Points Posted on 19 September 2017
each partner's capital account needs to be credited equally and debiting building account.
further the charges paid on account of stamp duty and regt shud be added to the cost of asset and to be shown as a loan payable to the partner who incurred the cost
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On 19 September 2017 at 14:22
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C.A.
22 Points Posted on 09 October 2017

May i know the value by which same will be recorded in books?

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On 09 October 2017 at 15:28
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Team Lead
5675 Points Posted on 11 October 2017
it would be recorded at the fair market value at the time transfer to firm
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On 11 October 2017 at 17:15

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