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Hello everybody can you posted journal entry of this
question , if mr.A give advance rent Rs.20000 for 3 month
to Mr.B
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Answer Posted / fawas rahman.
in Mr. A Account
Rental Advance A/ac Dr 20,000
To Cash 20,000
1st Month the entry will be
Rent Expenses A/C Dr 6,666.67
To Rental Advance A/c 6,666.67
Second Month the entry will be
Rent Expenses A/C Dr 6,666.67
To Rental Advance A/c 6,666.67
Last Month
Rent Expenses A/C Dr 6,666.67
To Rental Advance A/c 6,666.67
Rental Advance A/cLedger Account
To cash 20,000
By Rent expenses 1st month 6,666.67
By Rent expenses 2nd month 6,666.67
By Rent expenses 3rd month 6,666.67
Balance 20,000 20,000
the rental advance will be nil at the end of last month..
In rent expenses Ledger
To Rental Advance due 1st month 6,666.67
To Rental Advance due 2nd month 6,666.67
To Rental Advance due 3rd month 6,666.67
G Total 20,000.00
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