Atharv Sankliya (1306 Points)
27 April 2022
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 29 April 2022
The journal entry for rent paid is a Prepaid rent taken as current asset since its not utilized for the Period paid for. For example one year. Journal Entries; Dr - Prepaid Rent and Cr - Cash/ Bank. Journal entry for rent paid in cash would be debit the Rent Expenses account and credit Cash Paid.
Sanjay
(hhgh)
(0 Points)
Replied 10 April 2023
The journal entries for the payment of rent by a nonprofit organization would be as follows:
When the payment is made:
Rent A/C Dr. 2,00,000
To Bank A/C 2,00,000
When the rent received from a tenant:
Bank A/C Dr. 2,00,000
To Rent A/C 2,00,000
When the receipt is transferred to the Income and Expenditure A/C:
Income and Expenditure A/C Dr. 2,00,000
To Rent A/C 2,00,000
Yasaswi Gomes new
(Finance )
(4484 Points)
Replied 12 April 2023
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
