(House)asset account and Mortage account

08-19-2003, 02:28 PM

The asset account reflects the "worth" of the house. Use it to reflect the
investment in the house and any subsequent adjustments due to improvements
you've made or increases in its market value.

The mortgage account reflects the money you owe a lender for the mortgage on
the house. It's a liability. It's also the one you make the loan payments
to.

Asset account value - loan account balance == your equity in the house.

"Leon" <lscott[at]webmail.co.za> wrote in message
news:055001c3664f$8031e930$a001280a[at]phx.gbl...
- quote -

> What are these accounts and what is the relationship
> between them. Which one do I use to record transactions
> such as payments, and what do I use the other for?
> Thank you so much

#-1 08-19-2003, 12:43 PM

What are these accounts and what is the relationship
between them. Which one do I use to record transactions
such as payments, and what do I use the other for?

Thank you so much

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