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.
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