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1. Rent A/c Dr. 125000 Party A/c Cr. 20,000 by cheque. Credit:- Rent Payable Account. ... - Journal voucher. Record Navin Gupta & Sons Journal Entries. 2500 Tds rent Cr. 50,000. Entry to be made. Sold goods to ram for journal entries brainly.in/question/1718750. Paid $1,500 rent. Cash paid to Ram & Co. and discount availed of. In any other case it is mandatory. (ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance. Entries for deduction of rent Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. Debit:- Rent Paid Account. 3. 122500 Paid Income Tax Rs. Rent received from tenant $1000. Basics of Journal Entries Accounting Journal Entry Examples. Normally, if I pay April's expense in March, then I would record it as prepaid. The adjusting entry at the end of March to reflect the rent expense of 1,000 for that month. Journal Entries / What is the Journal Entry for Discount Allowed? Cash balance decreases by $1,500. To illustrate, Sam Sun and Ron Rain decided to form a partnership. Here are my JE's: 3/25/2020 (Invoice date) Dr Prepaid rent (April) Cr A/P . I'm on accrual basis. 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. 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. To record the payment of cash which created the pre paid rent, the accounting records will show the following bookkeeping entries on 1 April: Learn more on journal entry. 2. Credit purchases from Ram & Co. for 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. 50,000. 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. Ron is also going to transfer the $20,000 note on the automobile to the business. Initial journal entry for prepaid rent: Adjusting journal entry as the prepaid rent expires: 2. Paid 50% immediately. 15,000 is related to next year. 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. --> Decrease in Assets Rent Expense account balance increases by $1,500. Does anyone know the answers of above cases paid rent of the factory, in which all accounts will it be recorded? 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 ? Out of Insurance premium paid this year, Rs. Question 23. Now in this case the invoice is dated March for April's service, but the payment is processed in April. Prepaid Rent Payment Journal Entry. … 1. Ron is going to give $25,000 cash and an automobile with a market value of $30,000. Results of Journal Entry. (iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000. Rate of TDS is 2% flat. The journal entries … This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs. Cash discount will be received at 5% on payment of bill within 10 days. 4. 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Discount will be deducted if receipt of rent exceeds Rs.120000/- p.a entry for rent., Sam Sun and ron Rain decided to rent paid to ram journal entry a partnership March, then I record... The end of March to reflect the rent expense account balance increases by $ 1,500 $ note. Of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Lacs. Ii ) received an order from AK & Co. for Rs exceeds Rs.120000/- p.a a market value of $....

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