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Firm rent waived by landlord
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
Replies (4)
Quick Summary
Provision created has to be reversed.
It's not an income. As advised by Other expert, You should reverse the provision which you would have created in that year.
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.
Thanks all of you sir/mam
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