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    520dnm's Avatar
    520dnm Posts: 1, Reputation: 1
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    #1

    Oct 19, 2013, 09:55 AM
    Journal entries for repossession of installment sale of property of s corporation
    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's Avatar
    rehmanvohra Posts: 739, Reputation: 27
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    #2

    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.
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