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,
How to eliminate the liability entry?
Accounting for housing society
Rehbar Siamwala (Sr. Executive Taxation) (112 Points)
04 August 2011
CAclubindia
