Security deposit

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shonali (Querist)
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29 April 2013 D/Sir
my queries is. I Received 50000/-Rs as a Security Deposit from Tenent as a rent agreement. then after 11 month he leave our property and now i have to return him security deposit 25000.00 becoz rest of amont are dedected in monthly rent received. how i make the entry in tally.

Sumit Grover

Sumit Grover (Expert)
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29 April 2013 How much is the monthly rent? And how much amount have you received from him apart from Security deposit ?

shonali

shonali (Querist)
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30 April 2013 monthly rent was 18000. and i received around
9 month rent aprox.162000.

shonali

shonali (Querist)
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30 April 2013 1 month and 12 days rent were due which is he deducted form security deposit. so m confused
how i make the refund entry in tally.

Sumit Grover

Sumit Grover (Expert)
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30 April 2013 Effect of Service tax & TDS has not been taken into consideration for simplicity purpose:

Bank A/C Dr. 50,000
Security Deposit Cr. 50,000

Party Dr. 1,98,000
Rent income Cr. 1,98,000
(rent income of 11 months)

Bank A/c Dr. 1,72,800
Party Cr. 1,72,800
(rent of 9 months & 18 days recd.)

Security Deposit A/c Dr. 50,000
Party A/c Cr. 25,200
Bank A/c Cr. 24,800

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