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Créé le 30 mar. 2021

Disqus Agexpert Accounting Questions Archive

we are donating land to our son, how do i enter it?

  • RÉPONSE
    10 fév. 2025

    Hi Mary! To enter that transaction you'll enter a withdrawal but leave the amount at the top (the amount that would come out of the bank) as zero. Then enter your A- line to decrease your land asset account by the value of the land and if you are sole proprietor or partnership, offset that with a PD line to a personal draw account. If you are a corporation you would instead offset the A- line against your Shareholder Loan account (L+ or D+ line types) or your Shareholder Drawings account (PD line type).

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