Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Advance rent paid for building?

user-image
Question added by Vivek Nirmalkar
Date Posted: 2018/03/18
MohamedFayaz Mohideenbatcha
by MohamedFayaz Mohideenbatcha , Accountant , Professional Group Insurance agency Company(Tawuniya Authorized Agent)

Prepaid paid rent A/C / Debit

Bank or Cash A/C / Credit

Muhammad Nauman
by Muhammad Nauman , Senior Treasury Manager , Huawei

Debit prepaid rent and credit bank

SATHEESH CHANDRAN KUPPADAKATH
by SATHEESH CHANDRAN KUPPADAKATH , Accountant , Alamis Group Of Companies

Prepaid Rent      Dr

Cash/Bank         Cr

(Rent paid in Advance)

Hafiz Muhammad Irfan Hashmi
by Hafiz Muhammad Irfan Hashmi , SAP-FICO Associate , Crowe-Hussain Chaudry & Co Chartered Accountants

Prepaid Rent Account ( Dr)

    To Cash/ Bank Account (Cr)

Rasheed.P.P koolikoth
by Rasheed.P.P koolikoth , Accountant , Greens Supermarket

Prepaid Rent...........Dr

    TO Cash/Bank

Gooden Addman Gumbo
by Gooden Addman Gumbo , PROCUREMENT ADMINISTRATOR , Raha International School

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.

KAMALUDEEN SHAMSUDEEN
by KAMALUDEEN SHAMSUDEEN , Accountant , Tamimi Markets Company

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)

Deleted user
by Deleted user

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

Hamid  ali
by Hamid ali , Accountant , western international group

PREPAID RENT A/C DR          CASH OR BANK CR 

Nofeel  ilyas
by Nofeel ilyas , Business Development Officer , BDO) in Khushhali Bank limited

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

More Questions Like This