Real Estate Agent Received from Property Buyer

Dear Professionals!

please help me out for treatment of entry in real estate

1 a real estate agent received 100000/- from property buyer in his own bank against property of 60 lac of a builder
2. real estate agent pay from his own bank to builder 100000/-

now as an accountant how I treat this entry

regards
Surendra
Replies (2)
Quick Summary
This discussion addresses how an accountant should handle a situation where a real estate agent receives a £100,000 deposit from a buyer for a £600,000 property. The agent then pays this amount from their personal bank account to the builder. The advice given is to treat this as an advance receipt on behalf of the builder, with specific journal entries suggested for recording the transactions.

Treat it as advance receipt on behalf of builder.

1. Cr. Party    Dr. Bank.

2. Dr. Party    Cr. Bank. 

In whose books the querist wants to know:

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