Receipt entry of sale of land
Dinesh@123 (Account Executive) (66 Points)
02 December 2022
what is the receipt entry if I get money by selling the land?
7 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183358 Points)
Replied 02 December 2022
Credit it to land account, which would be under Investment on assets side.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 03 December 2022
@ Dinesh ,
Are you builder or other business man ?
Was land appearing in books of accounts?
Are you builder or other business man ?
Was land appearing in books of accounts?
sabyasachi mukherjee
(27664 Points)
Replied 03 December 2022
Wrong, land is not under investment.
It is under Non Current Assets.
It is under Non Current Assets.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 03 December 2022
First you have to check where it was accounted and is it appearing in balance sheet
Yasaswi Gomes new
(Finance )
(4545 Points)
Replied 03 December 2022
You have to treat it for capital gains as well cause its not an agricultural land if its a not an arable land you have 2 pay taxes
Yasaswi Gomes new
(Finance )
(4545 Points)
Replied 03 December 2022
Forgot, if you have land worth 10 rupees and sold it for 12 rupees
Dr. Bank/Cash 12
Cr. Land 10
Cr. Gain on sale 2
The capital gains can be calculated on the total income I guess cause I dont deal taxes
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