Sale In Lots
Posted By admin On 08/04/22Lashley Land and Recreational Brokers typically has more recreational land for sale than any other Brokerage. Nebraska is one of the top hunting destinations in the United States, and owning recreational land in Nebraska is an investment that holds it’s value even more reliably than Ag or Commercial land. Find Land Professionals in your area. Search all Lands of America members to find a Land Pro in your area. You can search by broker or agent name, the broker's location city or county, or the city or county where a broker's properties are for sale. Find Land Professionals in your area. Search all Lands of America members to find a Land Pro in your area. You can search by broker or agent name, the broker's location city or county, or the city or county where a broker's properties are for sale. Find Lott, TX land for sale at realtor.com®. The median listing price of land in Lott is $211,577. Mobile Home Lots for Sale Already have a mobile home and just need a lot to purchase? Search below to find the perfect mobile home lots for sale.
For Sale Lots In Davao City
Accounting for the sale of land differs from the accounting for the sale of any other type of fixed asset, because there is no accumulated depreciation expense to remove from the accounting records. This is because land is not depreciated, on the theory that land is not consumed (as is the case with other fixed assets).
When you sell land, debit the Cash account for the amount of payment received from the buyer, and credit the Land account to remove the amount of land from the general ledger. Unless the buyer pays you exactly what you paid for the land, there will also be a gain or loss on sale of the land. If the amount of cash paid to you is greater than the amount you recorded as the cost of the land, there is a gain on the sale, and it is recorded as a credit. If the amount of cash paid to you is less than the amount you recorded as the cost of the land, there is a loss on the sale, and you record it as a debit.
Example of the Accounting for the Sale of Land
ABC Company buys a parcel of land for $400,000, and sells it two years later for $450,000. There is a gain of $50,000 on the sale, and the journal entry looks like this:
Sale In Parking Lots
| Debit | Credit |
| Cash | 450,000 |
| Gain on sale of land | 50,000 |
| Fixed assets - land | 400,000 |
If ABC had instead sold the land for only $375,000, there would be a loss, and the journal entry would be:
Case Lot Sales
| Debit | Credit |
| Cash | 375,000 |
| Loss on sale of land | 25,000 |
| Fixed assets - land | 400,000 |
Related Courses
Sale In Lots Meaning
Fixed Asset Accounting
How to Audit Fixed Assets