What is journa entry of paid rent of building by chewue.Half of the building is used by the proprietor for residential use rs.10000?
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precautions of proper according to 10000 and 20000
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Journal entry with the required explanation is given below.
Explanation:
As it is given that half of the building is used by the proprietor for his personal use, therefore all the rent cannot be charged from the firm profit and loss account.
Therefore the required entry will be:
Rent A/c Dr. 5000
Drawing A/c Dr. 5000
To Bank A/c 10000
5000 is charged in the firm rent account and 5000 is transferred to drawing account. Bank account is credited with the total amount.
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