Property Transaction Accounting Guide

Summary

To record a R22,000 payment to SARS for transfer duty, debit the Transfer Duty Expense account and credit the Bank account by R22,000. This ensures accurate financial records for property transactions. For other transactions, maintain separate ledgers for deposits, investments, and fees. Consider consulting a legal accountant for detailed guidance.

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accountiong
It sounds like you need guidance on how to properly account for these transactions. Here are a few general steps to help you:
- Record the R800,* deposit from K Hart.
- Create a separate ledger for the investment with Green Bank.
- Invoice and record the R40,* fee for drafting documents for Mrs. Banks.
- Record the withdrawal and payment instructions from Mrs. Banks.
- Record the R45,* received from K Hart for transfer costs.
- Record the R25,* payment from A Keys.
- Record the R22,* payment to SARS for transfer duty.
Would you like information on specific accounting principles or guidance on setting up these records?
how do i record *,*
To record the R22,* payment to SARS, you can follow these steps:
*. Debit: Transfer Duty Expense account by R22,*.
*. Credit: Bank account (or whichever account the payment was made from) by R22,*.
This reflects the payment of the transfer duty to SARS.