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Acquried a shop on the monthly rent of Rs 3000 after paying cash Rs 36000 as advance rent?

Accounting
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Question added by Sahil Peter
Date Posted: 2018/12/07
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Chaudhry Asif Munir Pannu
by Chaudhry Asif Munir Pannu , Chief Financial Officer/ Finance Manager , Hussain Al Ali Group – (United National Dairy Company) KSA, GCC

Record full amount as prepayment (Asset), amortize over 12 months against Rent (Expense). 3000 monthly.

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