03 November 2023
I AM WORKING AS A ACCOUNTANT OF 2 SCHOOLS, 1 COLLEGE, 1 TRUST & 1 PERSONAL A/C. THIS ALL PROPERTY BELONGS TO ONE CHAIRMAN, AND HE GIVES HRA TO SOME OF THE STAFFS IN SCHOOL AS WELL AS GIVE HIS OWN PROPERTY FOR HOUSE RENTAL. THEN HOW TO MAKE ENTRIES IN SALARY OF SCHOOL & RENTAL ACCOUNTS OF PERSONAL A/C.?
28 November 2023
HRA is one of a Salary component. So, no need any specific expense entriy in accounts. But, in personal books it will be account as rent receipt.
29 November 2023
@ RAJA PM , for example, if one of the staff gross salary is Rs.15000, which included HRA of rs.5000/-. In school account i will enter the net salary of Rs.10000/- only, i never enter HRAon that, is that right.? 2. In personal who to entry this Rs.5000/-.?
29 November 2023
1. No... Salary entry made Rs 15k for school expense. Deduct Rental amount Rs.5k in employee account and credit the amount chairman's current/(separate ledger as your convenience) 2. In chairman's personal account enter the Rental amount as income and payment through a JV vice-a-versa
CAclubindia
