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

    Aug 24, 2009, 01:06 PM
    posting land sell at more than its cost.
    I buy land at 150,000 and sell it at 290,000. How would I post this transaction in my ledger in reference to accounting formula. ( Assets = Liabilities + Owners Equity).
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Aug 24, 2009, 09:32 PM

    If you sold the land, you're removing it from that account.

    If you got 290,000 that's either cash or a receivable, depending on exactly what it says.

    The difference is a gain, which like revenue is a credit.
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