Journal entry for rent deposit refunded
This query is : Resolved
Guest
Guest
(Querist)
29 June 2017
Dear Sir,
Kindly answer the the following query.
On 01/04/2014 Received an amount of Rs.200,000 as Rent Deposit from a tenant. After 3 years, the tenant wants to vacate, and we have refunded Rs.175,000 to him after deducting Rs25,000 for Cleaning, Maintenance, Whitewash etc..
Now the entries will be,
for receipt : Bank A/c Dr
Rental deposit a/c Cr (under Loans & Advances)
Please tell me what entry have to pass for Payment(Advance refund).
Thanking You.
Regards,
Sasidhar
Kindly answer the the following query.
On 01/04/2014 Received an amount of Rs.200,000 as Rent Deposit from a tenant. After 3 years, the tenant wants to vacate, and we have refunded Rs.175,000 to him after deducting Rs25,000 for Cleaning, Maintenance, Whitewash etc..
Now the entries will be,
for receipt : Bank A/c Dr
Rental deposit a/c Cr (under Loans & Advances)
Please tell me what entry have to pass for Payment(Advance refund).
Thanking You.
Regards,
Sasidhar
05 July 2017
Hello,
Entry will be:
Rent Deposit Ac Dr..200000
To Bank Ac.....175000
To Misc income (Whatever Head under Indirect Income)...25000
Entry will be:
Rent Deposit Ac Dr..200000
To Bank Ac.....175000
To Misc income (Whatever Head under Indirect Income)...25000
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