Journal entry

This query is : Resolved

Rahul Mishra (Querist)
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20 May 2014 Pls help
A party purchased a land of rs. 50lacs from a seller, the sales person had already borrowed from GIDC . At her request, purchaser had paid a D.D. of Rs. 30lacs directly to GIDC(Gujarat Industrial Development corporation)& remaining amount to him.

what is the journal entry for above transaction ..

CA Deven

CA Deven (Expert)
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20 May 2014 Land Dr 50 Lacs
To Bank 50 Lacs

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Rupesh Jain

Rupesh Jain (Expert)
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23 May 2014 land a/c 30

to bank 30
and make the another same entry of rS. 20 lacs.

other wise

land a/c 50
to seller a/c 50

seller a/c 30
to bank a/c (for payment made to GIDS)

and

seller a/c 20

to bank a/c ( for bal amount)

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