Journal entry for rent deposit refunded

This query is : Resolved

Guest

Guest (Querist)

29 June 2017 Dear Sir,

Kindly answer the the following query.
On 01/04/2014 Received an amount of Rs.200,000 as Rent Deposit from a tenant. After 3 years, the tenant wants to vacate, and we have refunded Rs.175,000 to him after deducting Rs25,000 for Cleaning, Maintenance, Whitewash etc..
Now the entries will be,
for receipt : Bank A/c Dr
Rental deposit a/c Cr (under Loans & Advances)

Please tell me what entry have to pass for Payment(Advance refund).

Thanking You.

Regards,

Sasidhar

CA Abhishek Goyal

CA Abhishek Goyal (Expert)
Follow

05 July 2017 Hello,

Entry will be:

Rent Deposit Ac Dr..200000
To Bank Ac.....175000
To Misc income (Whatever Head under Indirect Income)...25000

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