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    ZONE12's Avatar
    ZONE12 Posts: 1, Reputation: 1
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    #1

    Apr 19, 2008, 03:07 PM
    Journal entry for purchase and sale of property for sale
    I purchase an apartment for $ 1.7m and paid first instalmment of 250k ,Before the second installment I sell the apartment at the value of 1.9m .Please tell me how to record the journal entry .
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
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    #2

    Apr 21, 2008, 03:48 PM
    Here is the simple version of the transaction, not considering any tax, transaction cost or depreciation:

    Bought-Dr. House 1.7M Cr. Payable 1.7M
    Installment-Dr. Payable .25M Cr. Cash .25M
    Sold-Dr. Cash 1.9M Cr. House 1.7M
    Payoff the loan-Dr. Payable 1.45M Cr. Cash 1.45M
    wqssny's Avatar
    wqssny Posts: 3, Reputation: 1
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    #3

    Mar 3, 2010, 08:15 AM
    Sale and purchase account
    wqssny's Avatar
    wqssny Posts: 3, Reputation: 1
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    #4

    Mar 3, 2010, 08:17 AM

    Sale and purchase accounts entres
    wqssny's Avatar
    wqssny Posts: 3, Reputation: 1
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    #5

    Mar 3, 2010, 08:26 AM
    Quote Originally Posted by wqssny View Post
    sale and purchase accounts entree
    How prepare cash book and ledger with vouchers
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #6

    Mar 3, 2010, 06:02 PM

    *Do not tag onto other people's threads. It just keeps old threads alive and drags irrelevant stuff out. (Yours is not even related to this one.)
    *Don't double post. It's unnecessary and will not get you help any faster.
    *The entries for purchases and sales is an entire chapter. We can't lecture entire chapters on a forum. Narrow down a question to one thing that someone can actually answer.

    Consider this thread gone, start you own thread, and ask a more specific question.
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