ADVANCE PAID TOWARDS PURCAHSE OF PLOT

Advance to Seller A/c Dr
To Bank A/c Cr
( Advance to seller for purchase of plot)

Advance to Seller A/c , under Loans & Advances, Asset Side Balance Sheet. ( I hope plot is for business purpose)

not for business but for personal plot 

Is it a Sole proprietorship ?.

YES ITS SOLE PROPRIETORYSHIP

So , money paid from business to purchase personal plot , is it Correct ?.

YES THE AMOUNT IS PAID FROM BUSINESS

Are going to show this plot , as an Fixed Asset or Non Current Asset in your Sole proprietorship Balance sheet ?.

IT WILL BE SHOWN AS FIXED ASSET

As per AS 10 ( Accounting Standards) , If plot is solely for personal use then you Can not show as fixed asset in the Balance sheet , (please refer AS 10) , So amount withdrawn from business to purchase personal plot will treated as Drawing, and will be debited to Capital Account.

Drawing A/c Dr
To Bank A/c Cr
( amount withdrawn from Business for personal purpose)

Capital A/c Dr
To Drawings A/c Cr
( Drawings transfer to Capital account)

Take more opinion on this.