Real Estate
Sale of Raw Land Plot
Recording the sale of an undeveloped land plot to another developer.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Bank | Asset (+) | 500,000.00 | - |
| Land Inventory / Fixed Asset | Asset (-) | - | 350,000.00 |
| Gain on Sale of Land | Revenue (+) | - | 150,000.00 |
💡 Accountant's Note
Land held for sale is removed from inventory at its cost. The difference between sale price and cost is a gain recognized immediately.
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