Debit:- Rent Paid Account. Question 23. In any other case it is mandatory. When the rent is paid by a business firm in respect of the premises occupied for the purpose of the office or for manufacturing unit or for godowns or for guest houses for official purpose then in will be booked under rent paid account. 1. Here are my JE's: 3/25/2020 (Invoice date) Dr Prepaid rent (April) Cr A/P . 20,000 by cheque. 4. Rent received from tenant $1000. Record Navin Gupta & Sons Journal Entries. Normally, if I pay April's expense in March, then I would record it as prepaid. Entries for deduction of rent Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. Rate of TDS is 2% flat. 15,000 is related to next year. 50,000. Pass Journal entries in the books of Puneet, Delhi for the following: (i) Received an order from Karan & Co. for supply of goods of ₹ 50,000. Cash balance decreases by $1,500. To record the payment of cash which created the pre paid rent, the accounting records will show the following bookkeeping entries on 1 April: Cash paid to Ram & Co. and discount availed of. Paid $1,500 rent. Rent A/c Dr. 125000 Party A/c Cr. 2. Credit purchases from Ram & Co. for Rs. Credit:- Rent Payable Account. Out of Insurance premium paid this year, Rs. This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs. How we can pass the journal entry by: Anonymous How we can pass the journal entry for this question: 1.On 01.11.2019 bought a delivery Van of Rs.4,00,000 from Eram Motors on the following terms: Down payment paid to Eram Motors Rs. ... - Journal voucher. Journal Entries / What is the Journal Entry for Discount Allowed? Now in this case the invoice is dated March for April's service, but the payment is processed in April. To illustrate, Sam Sun and Ron Rain decided to form a partnership. Sold goods to ram for journal entries brainly.in/question/1718750. I'm on accrual basis. The journal entries … Journal Entry1-Bought goods from Rishi for 40,000 at a trade discount of 20% and cash discount of 4%, IGST 12%,. Initial journal entry for prepaid rent: Adjusting journal entry as the prepaid rent expires: 2. Prepaid insurance is insurance paid in advance and that has not yet expired on the date of the balance sheet Balance Sheet The balance sheet is one of the three fundamental financial statements. Results of Journal Entry. 122500 the entry would depend in the different scenarios which are as follows a the receipt of 1 000 is earned and no accrual has been made cash 1 000 rent income 1 000 to record What is the journal entry ? Learn more on journal entry. (ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance. Prepaid Rent Payment Journal Entry. Paid 50% immediately. Entry to be made. Ron is going to give $25,000 cash and an automobile with a market value of $30,000. … 2500 Tds rent Cr. 3. --> Decrease in Assets Rent Expense account balance increases by $1,500. (iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000. Sam contributes $100,000 cash to the partnership. Does anyone know the answers of above cases paid rent of the factory, in which all accounts will it be recorded? Basics of Journal Entries Accounting Journal Entry Examples. 50,000. The adjusting entry at the end of March to reflect the rent expense of 1,000 for that month. Ron is also going to transfer the $20,000 note on the automobile to the business. Cash discount will be received at 5% on payment of bill within 10 days. Paid Income Tax Rs. Discount Allowed Discounts are very common in today’s business world, they are generally provided in lieu of some consideration which can range from timely payments to market competition. 1. 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