Accounting Process on Sale of Land

Best practice for processing Completion Statement on Sale of Land

Didn't find your answer?

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

Replies (1)

Please login or register to join the discussion.

paddle steamer
By DJKL
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.

Thanks (1)