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A company closing its acconts in december..its paying
10000/-as rent......in the month of august it paid 4 months
rent as advance...how will u account this
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Answer Posted / ravipolina
it was the rent which was paid in advance for comming months
so we can treat this is rent paid in advance. so the journal
entry recorded at the time of advance paid for 4 months is
Advance rent a/c dr 10000
to cash /bank 10000
in the month of december entry will become as
rent a/c dr 10000
to cash/bank 10000
| Is This Answer Correct ? | 3 Yes | 4 No |
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