Purchase And Sale of Land & Building Journal Entry
Purc hase a nd Sale of Land & Buildi ng (L & B), w hich is a N on Current Asset / Fixed Asset , depe nds upon t he purpose for which this Asset is purchased a nd sold. If t he purpose of purchase a nd sale of L & B is to used it in t he b usi ness, t he n it is considered as Fixed Asset. b ut if the purpose of purchasi ng and selling of L & B is not to use in t he b usi ness b ur for resale purposes, the it is called Goods Purchased or Purchases a nd Goods Sold or Sales in Accounting . 1. Purc hase a nd Sale of L And B Journal Entries ( For Use in t he b usi ness) W he n Land & b uildi ng Purc hased for Cash for use i n the b usi ness, t he n Land & Buildi ng a/c XXX ...