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Journal entry related

ketan (Auditor) (48 Points)

27 November 2016

I am the Partner of my company. I have two tenants in the company. My company pays Light Bills & Electric Bills directly from bank account and receive part payments from the tenants in cheque. My Question Is:--- What is the journal entry for cheque received from tenant for light bill and water bill???

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8 Replies

Radhey Shyam Jha (Student) (38 Points)
Replied 27 November 2016

1. Light Bills & Water Bill Dr.
To Bank/Cash A/c
(Being Bills paid on behalf of Tenants)

2. Cash/Bank Dr.
To Light Bill & Water Bill A/c
(Being amount reimbursed by Tenants)

2 Like

Mayur (Student) (77 Points)
Replied 27 November 2016

tenant
to bank cash

bank cash
to tenant

1 Like

Chirag Parmar (Service) (65 Points)
Replied 27 November 2016

1. Electricity Exp A/c Dr.
To Bank A/c
(Being electricity bill paid)
2. Tenant A/c Dr.
To Electricity Exp A/c
(Being electricity exps receivable from tenant)
3. Bank A/c Dr.
To Tenant A/c
(Being amount towards elec exps received from tenant)

1 Like

Prince (student) (27 Points)
Replied 27 November 2016

1. Payment entry

Expense a/c dr.

To bank a/c

(being bills paid)

2. Journal entry for payment in journal book

tenant a/c dr.

To expense a/c

3. Receipt entry (re imbursment)

bank a/c dr.

To income(paid bills a/c)

4.journal entry for receipt in journal book

income(paid bills a/c)

To tenant a/c

1 Like

saranraj thangaraj (articled assistent) (121 Points)
Replied 29 November 2016

1.) expense a/c Dr
To bank or cash a/c
(being expenses paid)
2.) tenant a/c Dr
to expense a/c
(amount receivable from tenant)
3.) bank a/c Dr
to tenant a/c
(being amount reimbursed from tenant)

1 Like