Security deposit
varun (clerk) (24 Points)
25 January 2016varun (clerk) (24 Points)
25 January 2016
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 02 February 2016
Dear
Though its a deposit its not an asset for the firm since one day you haved to return the same.
Labour Expenses Dr 1,00,000
Security Deposit a/c Cr 10,000
Conractor a/c Cr 90,000
--------------------
Payment to Contractor
Contractor A/c Dr 90,000
Bank A/c Cr 90,000
-----------------------------------
Return of Security Deposit (Liability to the the firm)
Security Deposit a/c Dr 10,000
Bank A/c 10,000
Note :If you make the a/c head as Contractors head it will be easy if you have more than one contractor.
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