How to record Source of Income and Exps(Rent) of Company

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Smitha (Querist)
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13 March 2021 Our Company takes Overdraft Facility from Bank & gave Security of Property and its source of income is Rent Collection from Tenants, while a Tenant Gave Rs.50,000/- Advance at the time of Joining Home(2018) & Last 6 Months he didn't pay rent of Rs.36,000/- on Feb 28th, 2021 he vacated and We deducted All 6 Months Pending Rent Receivables Rs.36,000/-,Painting charges Rs.6,000/- and Returned Him Rs.8,000/- How can I record these are above transactions in Tally

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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13 March 2021 1) When you had received the rental deposit, you would have credited deposit account (50000: Bank Dr, Cr Deposit)
2) Rental income entries would have been made at the end of each month (total 36000: Tenant Dr, Cr Rental Income)
3) Adjustment of receivables from deposit (36000: Dr Deposit, Cr Tenant) [deposit balance: 14000]
4) Adjustment for painting charges (6000: Dr Deposit, Cr Tenant/Building Maintenance) [deposit balance: 8000]
5) Return of deposit (8000: Dr Deposit, To Bank/Cash)

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