Stamp Duty will also be capitalized i.e. Put in Land Account
Entry will be
For Purchasing Land
Land Dr 100000
To Party 10000
For Paying Stamp Duty
Land Dr 100000
To Bank/Cash 10000
Note:-
All expenses on bringing the asset to working condition are capitalized i.e. put in Asset A/c
Learn more
http://teachoo.com/815/248/Fixed-Asset-Purchase-Entries-Assignment/category/Asset-Purchase/
Written on April 19, 2018, 7:50 p.m.