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 / shekar r
In the month of august we Accounting like this
(Payment Entry)
prepaid Rent A/c Dr 10000
To Bank/cash Cr 10000
(Being the Rent paid in Advance)
In December (J V Entry)
Rent A/C Dr 10000
To Prepaid Rent A/C 10000
Same Like 3 month
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