What is the accounting treatment for the rent received by the proprietor himself for using his own building for business purpose
This query is : Resolved
05 February 2015
What is the effect on capital for such rent received by him
05 February 2015
Whether it should be considered as drawings. If yes, why?
Message likes :
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CA NAVEEN SINGLA
(Expert)
05 February 2015
First of all I would Explain That Drawings are always the Expenses for Partners/Proprietor.
Rent Recd. by Prop. from Prop. Firm is Income not Expenses.
Accounting treatment for Rent paid by Prop. Firm to Prop. is
Rent A/c Dr.
Proprietor Capital Cr.
Rent Recd. by Prop. from Prop. Firm is Income not Expenses.
Accounting treatment for Rent paid by Prop. Firm to Prop. is
Rent A/c Dr.
Proprietor Capital Cr.
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