Rent accounting in gst

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 January 2018 Dear Sir/Madam,

We are issuing rent invoices against our commercial properties from our proprietorship firm,and depositing the receipt of the same in our Personal Joint Bank account. Because we pay the loan of the property from our personal joint bank account.
This Personal Joint bank account is not shown in our balance sheet.

Our problem is that as we are making rental invoice from our proprietor ship firm the amount to be collected from our debtor is still shown un receivable in balance sheet which has already been received by us in our personal joint bank account.

Kindly inform us how can we pass journal voucher against the same so as the debtor will not show any amount unrecoverable in balance sheet.

Thanks in Advance

CA Suresh Jain

CA Suresh Jain (Expert)
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28 January 2018 Is there any TDS deduction by your tenants?

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2018 yes, tenants deduct TDS

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CA Suresh Jain

CA Suresh Jain (Expert)
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29 January 2018 If property is owned by the Proprietor of the firm and TDS certificate also is issued in his name then the amount credited to personal account is correct. The amount can be transferred from his personal account to the Firm's account and entry can be made as Capital brought in

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Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2018 sir, we are depositing Rent Cheques in Family Joint Account ( Himself , His Son & His Son's Wife) .
so now we are confused that how can we Close the Tenants Account in our Books of Accounts. As there still shows amount receivable from the tenants in our balncesheet

CA Suresh Jain

CA Suresh Jain (Expert)
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30 January 2018 Transfer the amount from the joint account to the firm's account and also pass the TDS entry. Debit bank account , Debit TDS account and Credit Tenant account