@Hd2012
There are two entries needed:
1) The entry for the funds received from the owner are both the deposit and the loan. Create an Other Current/Long Term Liabilities account called 'Loan Payable - Owner'. Then, record a bank deposit and assign the newly-created Loan Payable - Owner account to the deposit. You now have the deposit and the loan payable on your balance sheet.
2) Record the purchase of the land by creating a Check or Expense Transaction. Create a fixed asset account called "Land - XYZ" and assign that account to the Check or Expense Transaction. You now have the reduction in cash and the land asset on your balance sheet. That's it.
