Whatis the Accounting entry for rent to the tenant Mr x (contract time from 1 -sep -2011 to 31-aug-2012), if first three
month rent is paid on 1-sep-2011,second by post dated cheque dated Dec1 (for Dec to Feb) ,third by post dated cheque March 1
(for March to May),fourth by post dated cheque June 1 (for June to Aug)
pls provide me the complete accounting entries for this transaction with ledger details for Mr.X,Rent & related in tally
accounting sofware format
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Rent - tenant
Replies (1)
The procedure is illustrated below: -
1. For the month of september
--Rent A/c Dr.
To Rent Payable A/c
--Rent Payable A/c Dr.
To Bank A/c.
(Name of Mr. X should be in Narration, same for other entries)
2. For the months of Oct & Nov (entry should be passed on 1-sept-11 itself)
--Advance rent A/c Dr.
To Bank A/c.
In the month of October (i.e., on 1-Oct-11)
Rent A/c Dr.
To Advance Rent A/c.
Same for November.
3. For post dated cheques you cannot make any entry since they are not claimable.
Hence it is advised to record the same in a separate register called "Post date cheques register".
and whenever they are due you can start from the entry no.1 again.
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