Accounting of GST Invoice Generated on 25.06.2021 for Rent Receivable for March-2021

This query is : Resolved

Sanjiv Kumar Bhutani (Querist)
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30 June 2021 please help in accounting of rent of Mar-21 for which Tax Invoice Generated in
Apr-2021.
how should i do entry of invoice dated 15.04.21 for Rent of March-21.
Rent - 184500/- + GST-33210/- Total =217710/-

Thanks in advance

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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30 June 2021 1) make purchase entry as usual
2) you would have made provision for rent in March itself. So reverse the provision in April.

Deepa B

Deepa B (Expert)
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01 July 2021 Provision for rent needs to be made in March itself as per accrual concept. Hence in March pass an entry debiting Rent account(indirect expense) and crediting Rent payable account(Current liabilities).
In April reverse the provisional entry passed in March and pass an entry as per actual invoice details debiting Rent account and Input GST account and crediting the Landlord account

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