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 / amit agrawal
(Assuming Rent is due on the 1st day of every month.)
In the Month of August (Dr) (Cr)
Prepaid Rent A/c Dr 40000
To Cash/Bank A/c 40000
(When Paid)
(On 1st sept.)
Rent A/c Dr. 10000
Prepaid Rent A/c 10000
(On 1st Oct.)
Rent A/c Dr. 10000
Prepaid Rent A/c 10000
(On 1st Nov.)
Rent A/c Dr. 10000
Prepaid Rent A/c 10000
(On 1st Dec.)
Rent A/c Dr. 10000
Prepaid Rent A/c 10000
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