A Pvt LTD company paid monthly rent from April 18 to October 18 after deduction of TdS. & deposited TDS on monthly basis. Now Owner take GST No. in month of July.18 & the issue GST Bill of rent from July, 18 to December,18 for six month rent Bill on 05.12.18 & the charged 18% GST in bill on monthly rent. please tell how can company booked rent in
books of this bill because co.already booked rent at the time of rent paid
We make jv entry like this monthly from April 18 to October,18
Rent A/c. Dr
To owner. Cr
To TDS. cr.
Treat Rent paid as Advance to owner & make following entry when paid rent
Dr. Owner A/c
Cr. Bank A/c
Cr. TDS Payable on Rent
When receive bill pass following entry
Dr. Rent A/c
Dr. ITC on Rent
Cr. Owner A/c
When GST payment to owner pass entry
Dr. Owner A/c (GST amount)
Cr. Bank A/c
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