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Rent During Lockdown

12 September 2020

Rent as per agreement 20,000/-
but received in Lockdown for 5 months 10,000/- per month what are the entries taken into books of accounts from both sides

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6 Replies

Ravi SADhiyan (Practice) (4510 Points)
Replied 12 September 2020

Originally posted by : Mahesh Kumar
	Rent as per agreement 20,000/-but received in Lockdown for 5 months 10,000/- per month what are the entries taken into books of accounts from both sides

Booked on the basis of Actual Receipt

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Mahesh Kumar (45 Points)
Replied 12 September 2020

I received 25000/- PM as salary in FY 2019-20 in form of cash,
can i show my salary as 29,000/-PM while filling IT return "Form 1"

prasad Nilugal (3914 Points)
Replied 12 September 2020

In the books who paid the rent .

Rent. A/c Dr 10,000/-
To Bank A/c Cr. 10,000/-

( rent paid for the month .....)

In the books who received. rent

Bank A/c. Dr 10,000/-
To Rent received A/ c. Cr 10000/-

( Rent received for the month ......)