Dear All,
I have just joined an Reality Venture co, which underwrites projects-
I want to confrm a/c accounting entry i am doing is ok or not-
1) When co. underwrites projects, it has to deposit security Amt.
Security Deposit A/c Dr Rs.100
To, Builder A/c Rs.100
(Being Security deposit pyable at the time of underwriting)
2) when Security deposit paid
Builder A/c Dr Rs. 100
To, Cash / Bank A/c Rs.100
(Being Amt paid)
Note- Builder A/c is treated as Crediter
Pls give your suggestion on the matter
CAclubindia
