This section is from the book "Real Estate Accounts", by Walter Mucklow. Also available from Amazon: Real Estate Accounts.
These are contracts made or assumed by the concern, for which it is responsible. They usually represent the purchase price on properties which have been acquired. If they are numerous, a sub-ledger must be kept; but when comparatively few, the details of each can readily be "picked out" from the Contracts Payable account in the general ledger.
 
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