M/s X is an Auditorium - Major income for M/s. X is Rent Received from customers. I had doubt regarding the journal entry pass for
Receiving Rental income. The details as follows.
(1) Total Cash/Bank received Rs.132000
(2) Rent received - Rs,102000
(3) Service Tax - 14000
(4) Luxuary Tax - 16000
what is the journal entry for the above mentioned transaction. Plese ensure the following entry is correct or otherwise please suggest the correct method of accounting -
Journal voucher Cash Dr 132000
Rent received Cr 102000
Service Tax - 14000
Luxuary tax - 16000
is this entry pass through Journal voucher or Receipt voucher
Please help it is urgent .......... and pls suggest the correct accounting treatment
1 if the amount is received by cash
2. if the amount is received by bank
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