Accounting entry for rent payment
This query is : Resolved
Chandra Chethan G
(Querist)
17 June 2016
There are 3 person Mr.A Mr.B & Mr.C. Mr. A gives premises on rent to Mr. B. but Mr.C pays rent on behalf of Mr.B.
So what will be the Accounting entry in all the 3 individual books.
So what will be the Accounting entry in all the 3 individual books.
Amol S Joglekar
(Expert)
17 June 2016
A's books ... ....debit cash/bank....... credit rent received
B's books...... ...debit rent........... credit C
C's books....... debit B.........credit cash/bank
B's books...... ...debit rent........... credit C
C's books....... debit B.........credit cash/bank
Chandra Chethan G
(Querist)
18 June 2016
can you please tell the entry by giving TDS effect
Amol S Joglekar
(Expert)
18 June 2016
A's books...... debit bank/cash, debit TDS........credit Rent received
B's books....... from audit trail perspective, it is advisable to pass the entries as follows
for rent due..... debit rent, .....credit A's account....credit tds deductible
when C pays the rent..... debit A's account, debit TDS deductible..........credit C's account
C's books....... debit B's account....credit Cash/Bank
B's books....... from audit trail perspective, it is advisable to pass the entries as follows
for rent due..... debit rent, .....credit A's account....credit tds deductible
when C pays the rent..... debit A's account, debit TDS deductible..........credit C's account
C's books....... debit B's account....credit Cash/Bank
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