CBSE Class 11-commerce Answered
Rent due to landlord 8000
Asked by amanjha3253 | 24 Dec, 2019, 10:23: AM
Expert Answer
Amount of rent paid to the landlord is an expense and therefore, shown on the debit side of the Income Statement. However, when the amount of Rent is due but not paid to the Landlord, it is recorded as an expense in the Income Statement during the current year and at the same time shown in the balance sheet as a Liability.
Entry to be passed is as follows:
Rent A/c Dr. 8,000
To Outstanding Rent A/c 8,000
Answered by Surabhi Gawade | 24 Dec, 2019, 11:15: AM
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