RENT equalisation RESERVE FOR RENT INCREASE


(Querist)
20 September 2019

WE ARE LIMITED LIABILITY PARTNERSHIP INCORPORATED IN DEC MONTH.
WE HAVE TAKEN OFFICE ON RENT FOR NINE YEARS OUT OF WHICH 3 YEARS ARE LOCK IN PERIOD .
THERE WILL BE 5% INCREASE IN RENT EVERY YEAR COMPARED TO LAST YEAR.

OUR CONCERN IS THAT WHETHER WE MUST CREATE RENT EQUALISATION RESERVE ?
WHICH ACCOUNTING ASPECT APPLICABLE TO IT ?
CAN WE GET EXEMPTION FROM CREATING RENT EQUALISATION RESERVE ?

PLEASE REPLY



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