Journal entries for hotel..
Atharv Sankliya (1354 Points)
27 November 2021
a hotel have a car which they give on rent so where the money from this car rent is recorded in trading or p&l a/c
2 Replies
Varshit Shah
(Self Employed)
(676 Points)
Replied 27 November 2021
Trading account never gets prepared in service industry. it will be accounted as other income under P&L account only.
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 27 November 2021
If car is used for hotel purposes and not personal car then rental income from car may b shown as Other (Miscellaneous) income in Profit and loss account of Hotel assuming rental income does not constitute substantial income.
However if many cars are given on rent then this is altogether to be accounted as a separate business under head PGBP.
However if many cars are given on rent then this is altogether to be accounted as a separate business under head PGBP.
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