Hardik Hindocha 31 May 2020
How to account for the following transaction in books?
Property bought for total consideration of 20,00,000 (8lac white + 12lac black)
following are the series of payment events,
• cash paid (black) is 12,00,000
• agreement is done for 8,00,000 (SDV)
• loan received from bank is 12,00,000 (8,00,000 goes to builder as white money & 4,00,000 is withdrawn to repay a part of cash loan which was taken earlier)