Real Estate
Buyer Cancellation — Deposit Refunded
Refunding a buyer's deposit when the developer is at fault for the cancellation.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Advance from Buyers (Deferred Revenue) | Liability (-) | 50,000.00 | - |
| Cash / Bank | Asset (-) | - | 50,000.00 |
💡 Accountant's Note
If the developer fails to deliver on time or breaches the contract, the deposit must be refunded. This simply clears the liability with no income recorded.
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