Rectification of Errors after preparation of Trial Balance but before preparation of Final Accounts

Your indexation will largely depend upon date of purchase and whether you are resident or not. If property purchased before 23rd July 2024 and you are a resident individual / HUF then you have an option to compare ( 20% tax with indexation and 12.5% without indexation) and go ahead with that calculation resulting in a lesser tax amount. If property purchased on or after 23rd July 2024 then you cannot claim indexation and long term capital gains will be taxed at 12.5%.

Discount allowed is posted in total to Discount Allowed A/c, but Jadu's account was not credited, so the debit side of the trial balance exceeds by Rs 85 and the difference sits in Suspense A/c; rectify by: Suspense A/c Dr Rs 85 To Jadu's A/c Rs 85.