In case of Housing Society, The Amount contributed from the members specifically for the purchase of Asset, This amount is over and above maintenance deposit.
Please correct me if wrong: Following entries were passed.
1. While taking Amount from members
Bank A/C Dr.
To Members A/C. Cr(Grp-Current Liabilities)
2. At the time of purchase of Asset
Asset A/C. Dr.
To Bank A/c. Cr.
The Problem here is the Asset has been purchased but Liability is still standing in Books,
How to eliminate the liability entry?
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Accounting for housing society
Replies (2)
whether amount contributed by members is refundable or it is type of donation
It is neither donation nor refundable....
As Agreed by the members they have contributed the amount to purchase new asset for their housing society
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