Real Estate Accounts : Treating of the Proper Classification, Construction, And Operation of Accounts for the Real Estate Business, Including Forms
Real Estate Accounts : Treating of the Proper Classification, Construction, And Operation of Accounts for the Real Estate Business, Including Forms
Walter Mucklow
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Any policies of fire insurance transferable with the property. These should be examined not only as to their general terms, but particularly as to indorsements which may be necessary on account of changes of ownership, or in connection with mortgages, etc. 5. The entry on the office records of the land acquired, beginning with the property index and proceeding as far as may be necessary, through the property ledger, mortgage ledger, insurance record, etc. In the entries in the property ledger, ...the value of land and of the improvements thereon should be shown separately, as already stated'. Digitized by LjOOQIC 92 REAL ESTATE ACCOUNTS § 5z. Entries Required Newly acquired real estate is brought on the books through the cash book and the journal. The cash book entries represent merely cash paid for, or on account of, any purchase. Such amounts are debited to Real Estate in the general ledger, and also to the specific account in the property ledger. A full report of each purchase should be made, using a blank for the purpose, similar to that shown in Form 17 (§ 25).
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