journal entry
This query is : Resolved
DEVENDER THAKUR
(Querist)
14 July 2010
Hi Sir,
if we pay three months advance rental to a telephone company. then how will we pass entry? should it be divided in three months bills or not ?
if we pay three months advance rental to a telephone company. then how will we pass entry? should it be divided in three months bills or not ?
CA Ravi Sisodia
(Expert)
14 July 2010
prepaid rent a/c Dr.
To cash/bank a/c
To cash/bank a/c
Rahul Gupta
(Expert)
14 July 2010
Agreed with Mr Ravindra.
Adding to that, on actual telephone expenses, the entry will be >
Telephone Rent expenses..Dr
to Prepaid Rent...Cr.
Adding to that, on actual telephone expenses, the entry will be >
Telephone Rent expenses..Dr
to Prepaid Rent...Cr.
CA Ravi Sisodia
(Expert)
14 July 2010
Agree & thanks Rahul ji
14 July 2010
QUESTION OF PREPAID RENT ARISES WHEN PAYMENT RELATES TO NEXT YEAR. IF PAID AS ADVANCE FOR CURRENT YEAR. THEN ENTRY SHOULD BE---
PARTY A/C DR.....
TO BANK/CASH....
TELEPHONE RENT A/C DR....
TO PARTY...
PARTY A/C DR.....
TO BANK/CASH....
TELEPHONE RENT A/C DR....
TO PARTY...
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