For journal entry

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Sireesha (Querist)
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30 August 2013 Hi friends i am sireesha working as an accountant in pvt. company. I have a confusion about the journal entry for rent paid in advance.

in our company 2years rent was paid in advance.
now how to pass the adjustment entry. Please give answer with an example.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 August 2013 you can create the Advance Rent under loans & advances and make transfer entry to expenses monthly with debiting expenses and crediting advance rent

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