House rent tretment in financial account
This query is : Resolved
24 December 2014
i have received house rent from letting out house.how to be shown in financial account??
CA R SEETHARAMAN
(Expert)
24 December 2014
Sow it as rental receipts.
Message likes :
1 times
24 December 2014
what is your main business or profession?
CA Kumar Mukesh
(Expert)
24 December 2014
If letting is not business the entry will be.
On due
Tenants A/c Dr
to Other Income
On receiving
Bank A/c Dr.
to Tenants
If letting is the business
on due
Tenants A/c Dr.
To Rental income
On receipts
Bank A/c dr
to Tenants
On due
Tenants A/c Dr
to Other Income
On receiving
Bank A/c Dr.
to Tenants
If letting is the business
on due
Tenants A/c Dr.
To Rental income
On receipts
Bank A/c dr
to Tenants
CA Kumar Mukesh
(Expert)
24 December 2014
Follow the first treatment
If TDS is deducted entry required to be made on last date of year.
TDS Receivable A/c Dr.
To Tenants
If TDS is deducted entry required to be made on last date of year.
TDS Receivable A/c Dr.
To Tenants
Message likes :
1 times
24 December 2014
sir, whether rent received is to be shown in p&l account or into capital account in financial statement..
24 December 2014
then firstly show it as other income:
on becoming due:
Rent recievable a/c....dr
To rent a/c
on actual reciept:
Bank/Cash a/c.........dr
To Rent recievable a/c
in income tax return it will be shown under LET out propoerty and income from house property.
on becoming due:
Rent recievable a/c....dr
To rent a/c
on actual reciept:
Bank/Cash a/c.........dr
To Rent recievable a/c
in income tax return it will be shown under LET out propoerty and income from house property.
Message likes :
1 times
CA Kumar Mukesh
(Expert)
24 December 2014
It will be part of P&L
Message likes :
1 times
24 December 2014
you are welcome sameer......................
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