Journal entry
This query is : Resolved
06 March 2014
I rent a premisis in a corporate business house. Please let me know if the a/c entries are correct
1) Rent (indirect expenses)
To rent payable
To tds 10% payable
To tds 2% payable
2) Rent pabyable
To bank
3) Tds 10% payable
TDS 2% payable
To bank
If the above entries are correct, the Rent account (under indirect expenses) will show a debit balance. Will this cause any problem?
Kinldy clarify
1) Rent (indirect expenses)
To rent payable
To tds 10% payable
To tds 2% payable
2) Rent pabyable
To bank
3) Tds 10% payable
TDS 2% payable
To bank
If the above entries are correct, the Rent account (under indirect expenses) will show a debit balance. Will this cause any problem?
Kinldy clarify
06 March 2014
If rent is expence for you
.
It will show debit balance only
.
.
Income accounts show credit balance
.
.
Entry is fine
.
It will show debit balance only
.
.
Income accounts show credit balance
.
.
Entry is fine
06 March 2014
Ur entry is correct go with it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Reprocessing of rectification order AY 2025-26
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
