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Firm rent waived by landlord

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1359 Points Joined October 2021
if firm' rent is waived by landlord during pandemic what is it's accounting treatment and does it is recorded as gain in books of accounts
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On 30 April 2023 at 10:23 Report
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Profession Business
28196 Points Joined May 2017
Provision created has to be reversed.
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On 30 April 2023 at 10:43
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Practicing in GST and MSME
1985 Points Joined September 2010
It's not an income. As advised by Other expert, You should reverse the provision which you would have created in that year.
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On 30 April 2023 at 11:39
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Finance
4566 Points Joined September 2020

Provision for rent must be reversed

Dr. Rent

Cr. Payables

Will become

Dr. Payables

Cr. Rent expense

And make a footnote as per companies acts/provisions standard. 

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On 30 April 2023 at 15:32
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1359 Points Joined October 2021
Thanks all of you sir/mam
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On 30 April 2023 at 18:35

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