04 August 2011
In case of Housing Society, The Amount contributed from the members specifically for the purchase of Asset, This amount is over and above maintenance deposit.
Please correct me if wrong: Following entries were passed.
1. While taking Amount from members
Bank A/C Dr.
To Members A/C. Cr(Grp-Current Liabilities)
2. At the time of purchase of Asset
Asset A/C. Dr.
To Bank A/c. Cr.
The Problem here is the Asset has been purchased but Liability is still standing in Books,
05 August 2011
The Amount collected is a capital Receipt. U had formed a fund and then expended from it. Create a Ledger as Fixed Asset Fund or (any name--) under Reserves and Surplus on the Liability Side. Transfer members contribution to Fund A/C.
CAclubindia
