Deposit - lease office

Dear All,

We were having our office at Rent, for which we had deposited Rs.7,60,000/- with the premises owner which is refundable. At the time of Vacation of the premises, owner has refunded Rs.7,00,000/- the remianing amount of Rs.50,000/- he kept with him because of defect work (as per the contract).

So, can anyone please advise while passing the accounting entry in which account should I debit the balance amount of Rs.60,000/-. The entry will be :

Bank a/c ................Dr    Rs.7,00,000/-

(please advise account)    Rs.60,000/-

to Deposit-Lease office a/c .............Cr          Rs.7,60,000

Replies (1)

Since the owner has deducted Rs.60000 on account of lack of maintenance of office, so you debit the Office Maintenance A/c.  

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