Samruddhi Group (0 Points)
21 March 2023If Our Company Paid Stamp duty Charges for land purpose how to entry in tally and which under head comes which ledger
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Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 21 March 2023
The land is used for production and rental purposes
Use the journal ledger
Dr. Land
Cr. Bank
Or use direct expenses head Dr. And cr. Bank
Or else treat this as indirect expense. If you go through the attachment no one can understand intial recognition.
NARENDRA
(ACCOUNTS MANAGER)
(1994 Points)
Replied 21 March 2023
you should debit to the land ................, all the expenses regarding buying properties ,i.e. Registration Fees or Stamp duty should club into the properties .
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 21 March 2023
So tally can't increase land stamp duty and reconciles between them. That's basic capitalisation so use first entry in the journal voicher
Ayush
(Executive )
(6760 Points)
Replied 26 October 2023
Land Acquisition Expenses or Stamp Duty Expenses account
To Bank or Cash account
Note :
Debit the "Land Acquisition Expenses" or "Stamp Duty Expenses" account: This increases the expense on your income statement, reflecting the cost of stamp duty paid.
Credit the appropriate bank or cash account: This reflects the decrease in your bank balance or an increase in your cash outflow.
Allocate Costs if Necessary: If the stamp duty charges are part of a larger transaction involving the acquisition of land, you might need to allocate the costs to the specific land asset. In such cases, you can use a separate ledger account for the land asset. The entry will look something like this:
Land account
To Land Acquisition Expenses or Stamp Duty Expenses account
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