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Receipt entry of sale of land
what is the receipt entry if I get money by selling the land?
Replies (7)
Quick Summary
Credit it to land account, which would be under Investment on assets side.
@ Dinesh ,
Are you builder or other business man ?
Was land appearing in books of accounts?
Are you builder or other business man ?
Was land appearing in books of accounts?
Wrong, land is not under investment.
It is under Non Current Assets.
It is under Non Current Assets.
First you have to check where it was accounted and is it appearing in balance sheet
You have to treat it for capital gains as well cause its not an agricultural land if its a not an arable land you have 2 pay taxes
Forgot, if you have land worth 10 rupees and sold it for 12 rupees
Dr. Bank/Cash 12
Cr. Land 10
Cr. Gain on sale 2
The capital gains can be calculated on the total income I guess cause I dont deal taxes
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