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    thllanes's Avatar
    thllanes Posts: 2, Reputation: 1
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    #1

    Apr 4, 2007, 01:07 PM
    Purchase of Property
    I would like to know what the journal entry would be for the purchase of a Property. This property was purchased in cash with private owners funds.

    Should I account for the Building and Land Separately? And since the cash paid was the owners own funds, what would be the account to credit?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Apr 4, 2007, 02:10 PM
    So the owner put this land and building in the company's name?

    Then Credit Contributed Capital, Donated Capital or something along those lines.
    thllanes's Avatar
    thllanes Posts: 2, Reputation: 1
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    #3

    Apr 4, 2007, 02:18 PM
    Quote Originally Posted by thllanes
    I would like to know what the journal entry would be for the purchase of a Property. This property was purchased in cash with private owners funds.

    should i account for the Building and Land Separately? and since the cash paid was the owners own funds, what would be the account to credit?
    He actually created an LLC to keep all his companies separate

    He bought in July of 2006 and putting them back in the market pretty soon. Is is absoluetly necessary to Depreciate?
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