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