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

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Smitha (Querist)

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)

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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