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Outstanding rent
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Answer / shivaranjani
Oustanding Rent is the rent which is due but not has been
paid yet.
| Is This Answer Correct ? | 159 Yes | 8 No |
Answer / kuldeep kumar
OUTSTANDING RENT MEANS THAT "UNPAID" AT THE END OF THE DUE
DATE...
FOR THIS ENTRY WILL BE:
RENT A/C DR
TO OUTSTANDING RENT A/C
| Is This Answer Correct ? | 61 Yes | 4 No |
Answer / gopi
in my view first its a liability so we have show in liabilty
side as well as p&L account Debit side
| Is This Answer Correct ? | 52 Yes | 12 No |
Answer / k phalguna rao
out standing rent is acutally expenses for that particular
financial year it effects net profit, but it was not paid
in the same year so it is showing as out standing rent so
first we debit rent a/c hence your net profit decrease but
your assets (Cash) balance is same because we are not paid
in this period so we have to credit rent out sanding a/c
therefore your net profit decresed but rent out standing
show in libility side
Note: we can tranfer our assets and liabilities for the
next financial year but we cann't transfer expenses or
profits
Ex: Rent payable for the month of 31st march for Rs. 1000/-
for the f/y 2009-10
on 31.03.2010
Rent a/c Dr. 1000
To Rent outstanding a/c (liability) 1000
suppose we have paid the o/s rent on 10.04.10
outstanding rent a/c dr 1000
To Cash/Bank a/c 1000
in the financial year 2010-11 balance sheet o/s rent
(liability)decrease and cash/bank (Assets) decresed for
1000/- each side
| Is This Answer Correct ? | 32 Yes | 5 No |
Answer / suresh dhami
It means the expenses with are related to the current period
but will be paid in the next year.
| Is This Answer Correct ? | 12 Yes | 6 No |
Answer / jaya nanda kishore
outstanding rent is rent which is not yet paid its a nominal account
| Is This Answer Correct ? | 11 Yes | 10 No |
Answer / anil ahuja
In my openion expenses occured but not paid within
stipulated period
| Is This Answer Correct ? | 7 Yes | 7 No |
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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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Audit 
