if lease of a car is given by A to B for 1 financial year,what treatment of car will be done in books of A?
In the books of A, Lease Rental will be treated as income and in the books of B lease rental will be treated as expense.
In the books of A, it is Cash/Bank a/c Dr. and Lease Rental Cr. In the books of B, lease rental Dr. and Cash/Bank a/c Dr.
To be precise, it is an operating lease we may conclude
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