This Query has 2 replies
whether we can take Loan against Property and Term loan also from same bank at the same Time.
This Query has 1 replies
How to make journal entry for Joint fixed assets purchased.
And also Journal entry of Joint Bank account maintained.
This Query has 1 replies
How to make Journal entry of Loan taken against term Deposit.
This Query has 1 replies
Loan token for car loan how to bifurcate it
means Principal amount equal to loan amount and interest amount charged to profit and loss account.
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We have a construction company. We have received the CCTV camera bill, including installation charges. How to pass the entry.
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Interest paid against loan taken property,
whether should be treated as revenue expenses .
or may be another treatment.
This Query has 2 replies
Treatment of stamp duty paid for office taken on rent for 3 years,
whether should be charged as revenue expenses or amotized in 3 Years equal amount,
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whether land value include all the expenses regarding buying properties ,i.e. Registration Fees or Stamp duty. should be club into the Land Value.
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How to Make Journal entry of Loan taken against Property
and repaid journal entry.
This Query has 1 replies
'X' and 'Y' are two Real Estate Companies.
Both of them have entered into an MOU for purchase of open plots by 'X' from 'Y'.
Later 'X' sells these plots to its prospective customers.
Now a prospective customer 'Z' approaches 'X' and agrees to purchase a plot for a total consideration amount of Rs. 12 lacs and pays an advance amount of Rs. 5 lacs to 'X'.
Later 'Z' pays the balance amount of Rs. 7 lacs (which is the consideration value mentioned in the Sale Deed ) directly to 'Y' at the advice of 'X' to avoid double stamp duty (i.e., from 'Y' to 'X' and again 'X' to 'Z') and the Sale Deed is executed by 'Y' in favour of 'Z'.
Also the consideration amount payable by 'X' to 'Y' for purchase of plot from 'Y' by 'X' is also 7 lacs.
Now how to pass the journal accounting entries in the Books of 'X' and 'Y' for closing the total amount of Rs. 12 lacs received from 'Z' for declaring it as income.
Kindly guide.
Thank You.
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Can we Take loan against Property and Term Loan also at the same time