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Correct Journal Entry will be : Although amount is not mentioned in your question but i am assuming Rs. 6000 for the entire year Prepaid Rent A/C - Dr 6000 To Cash A/C 6000 (Being rent paid in advance for next year) Prepaid Rent will go to Balance Sheet as this is an Asset from the perspective that you have made the payment today for a benefit to be received in future. Crediting Cash means reducing Cash Balance Next Year - Below Journal will be passed: Rent A/c - Dr 6000 To Prepaid Rent 6000 (Being rent expense recognized) This Rent is an expense and will be transferred to Profit & Loss Statement. Crediting Prepaid Rent will knock off the Prepaid Rent debited last year. Hope it helps. Thanks CA Ankit Agarwal

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Himanshi . 3 years, 8 months ago

Rent prepaid a/c dr. To rent a/c

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Commenced businesse with cash 100000

Posted by Deepak Yadav 3 years, 8 months ago

CBSE > Class 11 > Accountancy

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Aditya Maheshwari 3 years, 8 months ago

Cash A/c Dr.100000 To Capital A/c 100000 (Being business started with cash)

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Anshika Sharma 3 years, 8 months ago

Cash A/c. Dr. 100000 To Capital A/c. 100000

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I need Rspl paper

Posted by Aj Tomar 3 years, 8 months ago

CBSE > Class 11 > Accountancy

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A well-known business firm of Mr. Henry Lawrence appointed Shri Vinod Kumar as an accountant of the firm. At the end of the accounting year Vinod has prepared all the accounts and financial statement of the firm. Name any two internal users to whom Vinod will submit the accounting information.

Posted by Palvi Rabadiya 3 years, 8 months ago

CBSE > Class 11 > Accountancy

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Differentiate between voucher and source document

Posted by Chhavi 27 3 years, 8 months ago

CBSE > Class 11 > Accountancy

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Himanshi . 3 years, 8 months ago

Voucher: it is a legal document of business transaction. Source document: it is a document of transactions

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What id difference between accountancy and accounting?

Posted by Chhavi 27 3 years, 8 months ago

CBSE > Class 11 > Accountancy

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Nikhil Dwivedi 3 years, 8 months ago

Accountancy is subject matter where as accounting is the art of recording, classifying ,summarising economic transaction of an organisation due to this an organisation know it's financial Position

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What is the importance of accounting standards in accountancy?

Posted by Chhavi 27 3 years, 7 months ago

CBSE > Class 11 > Accountancy

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Sia ? 3 years, 7 months ago

Accounting standards ensure the financial statements from multiple companies are comparable. Because all entities follow the same rules, accounting standards make the financial statements credible and allow for more economic decisions based on accurate and consistent information.

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Define term revenue

Posted by Mahek Patel 3 years, 8 months ago

CBSE > Class 11 > Accountancy

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Janvi Bhadouriya 3 years, 8 months ago

Income from sale

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Aditya Maheshwari 3 years, 8 months ago

Revenue is the income generated from normal business operations and includes discounts and deductions for returned merchandise. It is the top line or gross income figure from which costs are subtracted to determine net income.

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On 1 st April, 2014,VeeruLtd. purchased amachinery forrs. 2,50,000 and spent rs. 50,000 on itsinstallation. On 1 st July, 2016 1/3rd of machinery purchasedon1stApriI,2014wassoldfor rs. 15,000 and a newmachinery at the cost of rs. 2,00,000 was purchased on the same date. The com- pany has adopted themethod of providing depreciation @15% p.a. on straight line method. Show the machinery account for three years ended on 31st March, 2015 to 31st March, 2017

Posted by Tanishq Sharma 3 years, 8 months ago

CBSE > Class 11 > Accountancy