Please correct the following case provided below
What is the Accounting entry for rent to the tenant Mr x (contract time from 1 -april -2012 to 31-March-2013), if first three month rent is paid on 1-April -2012 by 1st April 2012 dated cheque(for period Appril to June),second payment by post dated cheque dated july 1 (for period july to september ) ,third payment by post dated cheque October 1 (for period october to december) fourth payment by post dated cheque January 1 (for period january to march 2013) ( note all the cheques are issued on 1 april 2012 including post dated cheques)
pls provide me the complete accounting entries for this transaction with ledger details for Mr.X,Rent & related in tally
accounting sofware format
Also now i have entered these entries as below which i think is not correct. I have created Mr X in ledger as sundry creditor as passed the entries as follows
on 1 april 2012 i made for entries
Enrty 1
Mr .X Dr
bank cr
(for first cheque ie current dated cheque date 01-04-2012)
enrty 2
Mr.X dr
bank cr
(for second cheque ie post dated cheque date 01-07-2012) like this the third and fourth entries are passed in bank voucher on 1-04-2012 date.
and after this i passed the adjustment entries in such a manner in each month like below
Rent for office dr
Mr.x cr
(rent for office for the month of April 2012 in journal voucher)
Please provide wheather my method i used is correct or not,if wrong please provide the complete accounting entries including ledgers ,entries ,ledger groups for ledgers ,voucher to be used and all related in tally.
CAclubindia
