Accounting entry of unearned income
This query is : Resolved
31 May 2022
in March 2022 rent received for two months ( March 22 and April 22) Rs. 50,000 per month rent
Rs. 90,000 after deducting TDS Rs10,000
how to make journal entry 31st march 2022 and also for revenue transfer to next financial year and whether AS -9 Applicable.
Rs. 90,000 after deducting TDS Rs10,000
how to make journal entry 31st march 2022 and also for revenue transfer to next financial year and whether AS -9 Applicable.
31 May 2022
Entry No 1 : Booking of Rent Receipt
Cash / Bank A/c - Dr 90,000
TDS A/c - Dr 10,000
To Rent (Income) - Rs. 100,000
2. Entry No 2 - Transfer of Advance Rent
Rent (Income) - Dr 50,000
Advance Rent - Cr 50,000
While filing ITR, make sure you carry forward the TDS credit of 5,000 to next year since you will be discharging the Tax Liability on Rs. 50,000 in next year and against which you will claim this credit.
Cash / Bank A/c - Dr 90,000
TDS A/c - Dr 10,000
To Rent (Income) - Rs. 100,000
2. Entry No 2 - Transfer of Advance Rent
Rent (Income) - Dr 50,000
Advance Rent - Cr 50,000
While filing ITR, make sure you carry forward the TDS credit of 5,000 to next year since you will be discharging the Tax Liability on Rs. 50,000 in next year and against which you will claim this credit.
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