Question

journal entry of rent receive ​

Answer 1

Rent paid is an expense and so it is debited. Rent received is an income account and therefore it is credited, and the debit entry would be Cash/Bank, depending on the form of payment. ... It is an income received so should Debit Balance sheet item (Cash/Bank), and Credit Income Statement item, Rentals Receivable/received.

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Answer 2

Answer:

Rent received is shown in income side of profit and loss account. Some time rent is not received before the finalization of final account for that particular financial year, in that case the rent receivable will be added to rent received account and rent receivable account will be shown in assets side of balance sheet.Jan 28, 2012