Hi
Am doing a sole proprietary business. For paying rent advance I transferred 50000 from my business bank account to my personal account. The same is then Gpay from my personal account to land lord. please let me know accounting entries to be made in business books
5 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 11 July 2023
CAPITAL A/C - XXXXX
TO BANK A/C -
RENTAL ADVANCE A/C - XXXXX
TO CAPITAL A/C - XXXXX
(Enter suitable narration)
TO BANK A/C -
RENTAL ADVANCE A/C - XXXXX
TO CAPITAL A/C - XXXXX
(Enter suitable narration)
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 11 July 2023
I Miss understood the query , therefore In deleting my replies to query .
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 11 July 2023
Another example: I own a company which has 20 trucks. I pay advance payment to fuel station and drivers recharge fuel and give me the bill. If purchases are set off against inventory, is a direct cost like fuel an inventory? An asset is a resource controlled by the enterprise as a result of
past events from which future economic benefits are expected to
flow to the enterprise. The enterprise doesn't control the fuel station.
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