The journal entries … Results of Journal Entry. 15,000 is related to next year. Cash discount will be received at 5% on payment of bill within 10 days. --> Decrease in Assets Rent Expense account balance increases by $1,500. Debit:- Rent Paid Account. Paid 50% immediately. 50,000. 1. 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 ? 50,000. Here are my JE's: 3/25/2020 (Invoice date) Dr Prepaid rent (April) Cr A/P . 20,000 by cheque. 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. Rent A/c Dr. 125000 Party A/c Cr. Rate of TDS is 2% flat. ... - Journal voucher. Journal Entries / What is the Journal Entry for Discount Allowed? Paid Income Tax Rs. Normally, if I pay April's expense in March, then I would record it as prepaid. Learn more on journal entry. Sold goods to ram for journal entries brainly.in/question/1718750. 2500 Tds rent Cr. Record Navin Gupta & Sons Journal Entries. Rent received from tenant $1000. Does anyone know the answers of above cases paid rent of the factory, in which all accounts will it be recorded? The adjusting entry at the end of March to reflect the rent expense of 1,000 for that month. Initial journal entry for prepaid rent: Adjusting journal entry as the prepaid rent expires: 2. I'm on accrual basis. 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. 122500 Question 23. 3. Entries for deduction of rent Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. … Sam contributes $100,000 cash to the partnership. Prepaid Rent Payment Journal Entry. (iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000. Cash balance decreases by $1,500. 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. Credit:- Rent Payable Account. Ron is going to give $25,000 cash and an automobile with a market value of $30,000. To record the payment of cash which created the pre paid rent, the accounting records will show the following bookkeeping entries on 1 April: (ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance. Cash paid to Ram & Co. and discount availed of. Entry to be made. Basics of Journal Entries Accounting Journal Entry Examples. 2. Credit purchases from Ram & Co. for Rs. 4. More Examples of Journal Entries Accounting Equation Double Entry Recording of Accounting Transactions Paid $1,500 rent. Now in this case the invoice is dated March for April's service, but the payment is processed in April. Journal Entry1-Bought goods from Rishi for 40,000 at a trade discount of 20% and cash discount of 4%, IGST 12%,. Ron is also going to transfer the $20,000 note on the automobile to the business. Out of Insurance premium paid this year, Rs. 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. 1. In any other case it is mandatory. This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs. To illustrate, Sam Sun and Ron Rain decided to form a partnership. 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