Asking for accounting details

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student
9 Points Posted on 22 October 2016
Sir can you tell me under what what head Flats falls, if we are receiving monthly income from those flats and also expenses taken care by rent owner
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On 22 October 2016 at 13:13 Report
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SEO Sai Gr. Hosp.
212460 Points Posted on 22 October 2016

For individuals, flats are investments, & rent received is under income from house property.

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On 22 October 2016 at 13:20
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student
9 Points Posted on 22 October 2016

Can we prepare individual rental income in tally as he is sole propriter

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On 22 October 2016 at 13:39
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SEO Sai Gr. Hosp.
212460 Points Posted on 22 October 2016

Yes, sub-ledgers can be formed, under a (new)group "Rental Incomes"

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On 22 October 2016 at 14:01
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338 Points Posted on 05 May 2018

Rent would be shown as an Indirect Income. Flats will be shown as Investments.

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On 05 May 2018 at 10:52

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