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Rent a car business

This query is : Resolved 
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07 May 2012 Friends, How do i record the rent received from my customers in a rent a car business ?. Do i need to show it under sales or under service charge collection ?. Whether i have to show my cars as fixed asset or current asset ?. what will be the entry when the car has been returned by the customer ?
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
07 May 2012 Car is a fixed asset for your business.
You can group the Rent Received under Gross Receipts.

There will be no entry when car is returned as it is not a monetory transaction. Entry will be there only for the sale / booking transaction and the payment thereof.
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