Hi
Am doing a sole proprietary business. For paying rent advance I transferred 50000 from my business bank account to my personal account. The same is then Gpay from my personal account to land lord. please let me know accounting entries to be made in business books
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Rent advance Gpay from personal account
Replies (5)
Sir what about my question of advance rent?
CAPITAL A/C - XXXXX
TO BANK A/C -
RENTAL ADVANCE A/C - XXXXX
TO CAPITAL A/C - XXXXX
(Enter suitable narration)
TO BANK A/C -
RENTAL ADVANCE A/C - XXXXX
TO CAPITAL A/C - XXXXX
(Enter suitable narration)
I Miss understood the query , therefore In deleting my replies to query .
Capital account dr.
cr bank.
cr bank.
Another example: I own a company which has 20 trucks. I pay advance payment to fuel station and drivers recharge fuel and give me the bill. If purchases are set off against inventory, is a direct cost like fuel an inventory? An asset is a resource controlled by the enterprise as a result of
past events from which future economic benefits are expected to
flow to the enterprise. The enterprise doesn't control the fuel station.
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