posted by Khan on .
Three years back, Mr. Az bought a property from Mr. Za for $100,000 under a term. Today, after the depreciation property's book value is $70,000. Now, Mr. Za asking $200,000 more to give the title of the property to Mr. Az, and Mr. Az is bond to pay this amount under the term he signed three years back. So, Mr. Az took a loan of $200,000 from a bank and paid Mr. Za off.
What entries should I make for these whole transaction?