1. WE RUN A OFFICE IN RENTAL BUILDING, MY QUESTION IS A) I
TREAT THE OWNER OF A BUILDING AS CREDITOR AND PASS JOURNAL
VOUCHER IN TALLY AT THE END OF THE MONTH (OR)I SIMPLY
ACCOUNT THE RENT TO BE PAID AS OUTSTANDING EXPENSES AND
AFTER AT THE TIME OF PAYMENT I PUT PAYMENT VOUCHER , PLEASE
ADIVICE ANY OTHER OPTION ALSO?
Answer / h.r. sreepada bhagi
As mentioned by you, treating the Landlord as Creditor &
booking rental charges for the month by crediting the
Landlord A/c(Through General Journal) is correct. When the
payment is made next month as per the terms of the
Rent/Lease agreement, Pay by debiting the Landlord &
crediting the Bank/Cash A/c. In case you pay rent in advance
in the beginning of the month, then you can directly debit
the Rent A/c (Expense) and credit Bank/Cash as the case may
be. In any case you need to subject the rental amount to TDS
as per the provisions of the Income Tax Act,1961 (India).
Is This Answer Correct ? | 3 Yes | 0 No |
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