Accounting for housing society

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?