Me and my 4 friends are sharing an apartment. We are paying rent from my bank account, So rest all transfer rent to my account. And I do transfer the rent to the owner.
Our rent is 25000, So rest 4 person transfer 5000 rs to my bank account.
On Rent Agreement we have 4 Names only.
How do I pass entries for the same ?
| Originally posted by : CA Sunil Kumar | ||
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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 | ||
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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.
CAclubindia
