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Land & building

Accounting Entries 418 views 3 replies

Dear Sir/Madam,

If my friend purchase a Land that value of with stamp duty 12,50,000 & they donate land to me. then what is the entry in tally.

Regards,

Ganesh Kumar Kashyap 

Replies (3)
Donate land to you means he has gifted land to you? And books of accounts are yours as proprietor??

Dear Madam

i am a accountant in my trusty & trusty received a land that value of rs. 12,50,000 as donation. please give me answer.

The asset should be recorded at : nominal value say Rs.1 or 10 or 100 +any incidental expenses. Debit Land a/c and Credit Contributions/Donations A/C


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