Accountancy, asked by Lizonmatthew1243, 1 year ago

Examples showing how to treat the adjustment rent received in advance in final account

Answers

Answered by BRAINLLSNT

Q ) ADJUSTMENT: 1 ) RENT RECEIVED IN ADVANCE RS. 1000

1 ) PROFIT AND LOSS ACCOUNT
A ) DR. B ) CR.

RENT. 4000
ADD: OUTSTANDING RENT; 1000
TOTAL; 5000

2 ) BALANCE SHEET

A) LIABILITY. B) ASSET

OUTSTANDING RENT; 1000

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