Question

rent is due to a mukherjee but not yet paid

Answer 1

The Current transaction affects two accounts Rent account(it is a nominal account;all losses Gains income expenses come under nominal account; Rent is an expense),, Rent payable account.. because payment of rent is due but not yet paid .(it is a Real account; all assets and Liabilities come under Real account; Rent payable is a liability ) ..


The Three golden rules of accounting are....

Personal Account: Debit the receiver, credit the giver

Nominal account: Debit All expenses and losses, credit All incomes and gains

Real Account: Debit what comes in ,credit what goes out

In contention with the above rules...

Rent account should be debited (it is a nominal account/its an expense)

Rent payable account should be credited (it is a Real account/liability is increasing/asset is going to be reduced)

The Journal Entry will be....

Rent a/c Dr xxxxx

To Rent Payable a/c. xxxx

(Being payment of rent due )


if the actual payment is made... then the entry will be....

Rent payable account Dr

To cash/Bank a/c

(Being rent paid)