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प्रश्न
| Kia and Siya are partners in a firm sharing profits equally. Siya has given her property on rent to the firm on a monthly rent of ₹ 25,000. The firm paid her rent from April 2023 to January 2024 by cheque on 10th February 2024. Rent for the month of February and March was yet to be paid. |
Pass the journal entries for the above transactions for the year ended 31st March, 2024.
रोजकीर्द नोंद
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उत्तर
| Journal entries for the year ended on 31st March, 2024 |
||||
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| 2024 | Rent A/c ...Dr. | 2,50,000 | ||
| Feb 10 | To Bank A/c | 2,50,000 | ||
| (Being rent for 10 months from April to January paid by cheque) | ||||
| Mar 31 | Rent A/c ...Dr. | 50,000 | ||
| To Outstanding Rent A/c | 50,000 | |||
| (Being outstanding rent for February and March provided) | ||||
| Mar 31 | Profit and Loss A/c ...Dr. | 3,00,000 | ||
| To Rent A/c | 3,00,000 | |||
| (Being total rent for the year transferred to the Profit and Loss Account) | ||||
Working note:
Total Rent for the Year (April 2023 to March 2024 = 12 months):
25,000 × 12 = 3,00,000
Rent Paid Upto January 2024 (April 2023 to January 2024 = 10 months):
25,000 × 10 = 2,50,000
Outstanding Rent for February and March (2 months):
25,000 × 2 = 50,000
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