Security deposit

This query is : Resolved

shonali (Querist)
Follow

29 April 2013 D/Sir
my queries is. I Received 50000/-Rs as a Security Deposit from Tenent as a rent agreement. then after 11 month he leave our property and now i have to return him security deposit 25000.00 becoz rest of amont are dedected in monthly rent received. how i make the entry in tally.

Sumit Grover

Sumit Grover (Expert)
Follow

29 April 2013 How much is the monthly rent? And how much amount have you received from him apart from Security deposit ?

shonali

shonali (Querist)
Follow

30 April 2013 monthly rent was 18000. and i received around
9 month rent aprox.162000.

Upgrade to CAclubindia Pro. Subscribe Now!

shonali

shonali (Querist)
Follow

30 April 2013 1 month and 12 days rent were due which is he deducted form security deposit. so m confused
how i make the refund entry in tally.

Sumit Grover

Sumit Grover (Expert)
Follow

30 April 2013 Effect of Service tax & TDS has not been taken into consideration for simplicity purpose:

Bank A/C Dr. 50,000
Security Deposit Cr. 50,000

Party Dr. 1,98,000
Rent income Cr. 1,98,000
(rent income of 11 months)

Bank A/c Dr. 1,72,800
Party Cr. 1,72,800
(rent of 9 months & 18 days recd.)

Security Deposit A/c Dr. 50,000
Party A/c Cr. 25,200
Bank A/c Cr. 24,800