I purchased one property of rupees 8 lakhs in 2008
sold of rupees 18 lakh ,
I want to show the transaction in my Balance sheet
plz help.me.passing entry
Purchase
Land & Building Dr Rs 8,00,000 --> Asset
To Creditors Rs 8,00,000 --> Liability
Creditors Dr Rs 8,00,000 --> Reduce from Liability
To Bank Rs 8,00,000 --> Reduce from Asset
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Sale
Debtors Dr Rs 18,00,000 --> Asset
To Land and Building Rs 18,00,000 --> Reduce from Asset
Bank Dr Rs 18,00,000 --> Asset
To Debtors Rs 18,00,000 --> Reduce from Asset
CAclubindia
