My company recently bought a house to remodel, we made a joint purchase or a partnership purchase with another company. We are a flipping real state business.
We are trying to figure how can we record the purchase statement. My company is paying the loan but the balance due when we purchased the house was paid by our partner.
Also, the rehab costs are being paid for the both of us.
This means that we cannot record the house purchase as usual, because nothing went out from our bank account just the loan payments and some of the improvements.
How can we treat this situation?
