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?
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1 times
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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