Question

Mohan singh owes to his landlord rs 10000 as rent journal entry by

Answer 1

The journal entry for the following transaction would be -


Outstanding rent a/c Dr. - 10000
To Landlord a/c - 10000.

Here Mohan Singh becomes a debtor and opens outstanding rent a/c in his account books.

Landlord becomes a creditor until Rs. 10000 is paid.

According to golden rules expenses will be debited and creditors will be credited.

So outstanding rent account will be debited because it is expense.

Landlord account will be credited because of being a creditor.

Answer 2

Answer:

Drawing A/c Dr. 10000

To Landlord's A/c 10000

Step-by-step explanation:

It has been assumed that business will pay the rent on owner's behalf, that's why drawings account will be debited and landlord becomes liability for the business.