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View Full Version : Journal entries for repossession of installment sale of property of s corporation


520dnm
Oct 19, 2013, 09:55 AM
Had installment sale of house and land, it was repossessed and now used as rental in corporation. I figured the new basis, balance of installment sale but where do I post the difference. Example - balance a/r installment sale $100,000, basis of reposed property to be used as rental - $20,000. Where do the remaining $80,000 go since it will be a profit to the corp.

rehmanvohra
Oct 20, 2013, 05:20 AM
You are missing unrealized gross profit, cost of instalment sales as well as the estimated market value on the date of repo.