Question

paid rent of building by cheque half of the building is used by the propritor for personal .
pass the journal entry

Answer 1

3 golden rules

• debit the receiver , credit the giver

•       debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains  

--------------------------------------------------------------------------------------------------------------

reason for debit and credit

Rent A/c - nominal A/c , its a expense to the company therefore its debited

Drawings A/c - personal A/c , where proprietor gives money towards rent which is inclusive of rent paid for office building .rent paid belongs to personal account should be debited with a account called "drawings ".

Bank A/c - personal A/c , where banks pays , banker is payer therefore its credited

--------------------------------------------------------------------------------------------------------------

Journal entry  

Rent A/c   Dr    

Drawings A/c  Dr

                To bank A/c

(being half rent paid towards business and remaining for personal

purpose )

------------------------------------------------------------------------------

Answer 2

In this question, we are asked to pass the necessary journal entry.

Paid rent of building by cheque and half of the building is used for personal use.

RENT A/C DR

DRAWING A/C DR

         TO BANK A/C

( Being rent paid)

• As the building is also used by the owner for their personal use, it is drawing.
• Payment is made through a bank and it is an asset and it decreases when payment is being made so it will be credited.
• Credit the giver, debit the recipient
• Debit what is received, credit what is expended.
• Credit all the profits and gains, debit all the expenses and losses.
• Rent A/C - Nominal A/C is debited because it is an expense for the business.
• Drawings A/C is a personal A/C where the owner pays rent, which includes rent for an office building.
• Rent payments that belong to personal accounts should be debited from the "drawings" account.
• Personal bank accounts that are funded by bank payments since the banker is the payer.

PROJECT CODE #SPJ2

https://brainly.in/question/7279720

https://brainly.in/question/42789637