15 May 2017
Hi can anyone tell me accounting entry on sale of house property. Effect on capital account and balance sheet. I sold property for 2200000 in fy 2015-16 and purchase 390000 in 2004-05
15 May 2017
I assume you are asking from a perspective of an individual. Bank Account Dr .... 2200000 To House Property Account ... 390000 To Gain on sale of House Property 1810000
The balance lying in gain on sale of house property would be transferred to Profit and Loss Account.
CAclubindia
