Accounting Process on Sale of Land

Best practice for processing Completion Statement on Sale of Land

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I'm new to land sales and would like some help with the best practice process on Sale of Land.

We receive a completion statement which breaks down solicitors fees.  Should we post the Sale amount & then the cost of the sale or just post the net profit after fees as profit on sale?

Thank you

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paddle steamer
28th Jul 2021 11:32

Sales, cost of item sold, selling expenses would be my choice if the trade of the business is selling land, however if land was held as a fixed asset used in the business then I would merely report a net gain or loss as a single entry.

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