Rent entries for shared house

Originally posted by : CA Sunil Kumar
	If apartment is used for residence purpose, then rent paid is a personal expense. No entry in BOA.

I am trying to prepare my own personal account in Tally ERP 9.

Originally posted by : RAJA P M
	Can You explain Your query once again!

I am trying to prepare my personal accounts in tally,

I and my friends have rented an apartment on Leave and License agreement and the amount is Rs. 25000 per month.[For personal living purpose.]

I do transfer the whole amount i.e. Rs. 25000 to the landlord from my bank account.

My friends do transfer their share of the rent into my bank account. [Rs. 5000 X 4 Entries in Bank]

On Agreement, there are 4 persons, but we are 5 persons in total who share the rent. [I receive 5000Rs. each from the each of my friend's bank account]

Also, refer to the first post for reference.

In Your books You will enter as below...

1. Journal :

Dr. Rent Paid A/c - Rs. 5000

Cr. Landlord A/c - Rs. 5000

2. Receipt :

Cr. Friends A/c - Rs. 20000

Dr. Bank / Cash A/c - Rs. 20000

3. Payment :

Dr. Lamdlord A/c - Rs. 25000

Cr. Bank A/c - Rs. 25000

4. Journal :

Dr. Friends A/c - Rs. 20000

Cr. Landlord A/c - Rs. 20000

Narration : Will be yourself as per transactions...

Thanks a lot, RAJA !! Really Helped.