Cash paid to Ram & Co. and discount availed of. Credit:- Rent Payable Account. Sold goods to ram for journal entries brainly.in/question/1718750. Rate of TDS is 2% flat. Paid $1,500 rent. Now in this case the invoice is dated March for April's service, but the payment is processed in April. Results of Journal Entry. Journal Entries / What is the Journal Entry for Discount Allowed? Rent received from tenant $1000. Learn more on journal entry. Initial journal entry for prepaid rent: Adjusting journal entry as the prepaid rent expires: 2. 50,000. Basics of Journal Entries Accounting Journal Entry Examples. 4. Prepaid insurance is insurance paid in advance and that has not yet expired on the date of the balance sheet Balance Sheet The balance sheet is one of the three fundamental financial statements. More Examples of Journal Entries Accounting Equation Double Entry Recording of Accounting Transactions Paid Income Tax Rs. 15,000 is related to next year. Sam contributes $100,000 cash to the partnership. 50,000. … Question 23. 2500 Tds rent Cr. Normally, if I pay April's expense in March, then I would record it as prepaid. the entry would depend in the different scenarios which are as follows a the receipt of 1 000 is earned and no accrual has been made cash 1 000 rent income 1 000 to record What is the journal entry ? Pass Journal entries in the books of Puneet, Delhi for the following: (i) Received an order from Karan & Co. for supply of goods of ₹ 50,000. 20,000 by cheque. 122500 How we can pass the journal entry by: Anonymous How we can pass the journal entry for this question: 1.On 01.11.2019 bought a delivery Van of Rs.4,00,000 from Eram Motors on the following terms: Down payment paid to Eram Motors Rs. (iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000. ... - Journal voucher. 3. Record Navin Gupta & Sons Journal Entries. The adjusting entry at the end of March to reflect the rent expense of 1,000 for that month. To record the payment of cash which created the pre paid rent, the accounting records will show the following bookkeeping entries on 1 April: To illustrate, Sam Sun and Ron Rain decided to form a partnership. (ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance. Does anyone know the answers of above cases paid rent of the factory, in which all accounts will it be recorded? The journal entries … When the rent is paid by a business firm in respect of the premises occupied for the purpose of the office or for manufacturing unit or for godowns or for guest houses for official purpose then in will be booked under rent paid account. Ron is going to give $25,000 cash and an automobile with a market value of $30,000. 2. Credit purchases from Ram & Co. for Rs. 1. Debit:- Rent Paid Account. Out of Insurance premium paid this year, Rs. --> Decrease in Assets Rent Expense account balance increases by $1,500. Ron is also going to transfer the $20,000 note on the automobile to the business. Cash discount will be received at 5% on payment of bill within 10 days. Discount Allowed Discounts are very common in today’s business world, they are generally provided in lieu of some consideration which can range from timely payments to market competition. Paid 50% immediately. Cash balance decreases by $1,500. This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs. Here are my JE's: 3/25/2020 (Invoice date) Dr Prepaid rent (April) Cr A/P . 1. Entry to be made. Rent A/c Dr. 125000 Party A/c Cr. Journal Entry1-Bought goods from Rishi for 40,000 at a trade discount of 20% and cash discount of 4%, IGST 12%,. Entries for deduction of rent Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. 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