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General Accounting Discussions: Journal Entries for an apartment unit sold (Seller)

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    • CommentAuthorpaul0206
    • CommentTimeSep 9th 2008
     
    Hi, hope you can advise for the journal entries to an apartment unit sold on an installment basis. Also the entries for the outstanding balance (receivables). Thank you...
    • CommentAuthorprasanthi
    • CommentTimeSep 9th 2008
     
    At the time of sale You can pass the journal entry as
    Accounts Receivable Dr xxx
    To Sale of Appartment Unit xxx
    ( You can pass the whole amount here)

    On receving each installment you can pass journal entry
    Intallment on sale of Appartment xx
    To Account Receivable xx
    (You can pass the amount received here)

    Thankyou,
    Please confirm it.

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