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Here is a question i was asked below is the scenario need
to enter journal entrries for both accounting system Cash
and Accrual :- 1) Landlord A/c 2) Tenant A/c 3) Bills
Receivable A/c 4) Cash A/c 5) Bank A/c Situation:- 1) Bill
is created. 2) Bill is sen to the tenant, journal entry =?
3) Cash is received from the tenant, journal entry=?
5) If cheque is received from the tenant, journal entry=?
6) Receipt is created. 5) Receipt is sent to the tenat,
journal entry=? Its urgent, please help.
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Answer Posted / dhananjayan
1. When bill is created.
Tenant A/c Dr. xxx
To Rent Revenue A/c xxx
2. When bill is sent to tenant.
No entry.
3. Cash received from tenant.
Cash A/c Dr. xxx
To Tenant A/c xxx
4. If cheque received from tenant.
Bank A/c Dr. xxx
To Tenant A/c xxx
5. For Receipt created and Receipt sent to tenant.
No entry.
Hope this will help you.
| Is This Answer Correct ? | 5 Yes | 0 No |
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