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Prepaid paid rent A/C / Debit
Bank or Cash A/C / Credit
Debit prepaid rent and credit bank
Prepaid Rent Dr
Cash/Bank Cr
(Rent paid in Advance)
Prepaid Rent Account ( Dr)
To Cash/ Bank Account (Cr)
Prepaid Rent...........Dr
TO Cash/Bank
In the current period:
Dr Prepaid Rent
Cr Bank
Thereby creating an asset.
In the following period:
Dr Rent
Cr Prepaid Rent
Thereby consuming the asset and incurring an expense against our bank account.
Prepaid rent a/c Dr (Representative personal account)
To Bank / Cash a/c Cr (Real Account)
(Being XXX month rent paid in advance)
Rules for Personal account:
Debit the receiver
Credit the giver
Rules for Real Account:
(Debit what comes in)
(Credit what goes out)
Prepaid Rent A/c DR
To Cash/Bank A/c CR
(For Current period)
On consumption of same
Rent A/C dr
To Prepaid rent A/C Cr
PREPAID RENT A/C DR CASH OR BANK CR
advance rent paid for building is our prepaid expenses its underlying assets up to not consumed once the assests has consumed its consder as a expenses
