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Adv rent and its treatment

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 May 2013 How to show adavance rent received in F.Y.2012_13? THIS is income received under house property.
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
09 May 2013 Pass the following entry

cash/bank a/c dr XXX
TO Advance rent a/c XXX

(Being advance rent received for the year/month of F.Y 2013-14 in this year)

Note: Advance rent a/c shall be disclose under the current liabilities at the Balance sheet.


At the time of actually received of rent i.e when it becomes receivable i.e means treating of rent as income. then pass the following entry

i.e in F.Y 2013-14

Advance rent a/c dr XXX
To Rent a/c XXX

(Being rent received in advance previously now it became as receivable so treated it as income)

OM SAI SRI SAI JAI JAI SAI
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