What is the correct entry for recording rent received in advance as at the end of the financial year amounting to Rs 1,000?

Rent received in advance A/c Dr	1,000
To Rent income A/c	1,000

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Cash A/c Dr	1,000
To Rent received in advance A/c	1,000

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Rent A/c Dr	1,000
To Cash A/c	1,000

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None of these

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Solution

The correct option is B

Cash A/c Dr 1,000

To Rent received in advance A/c 1,000

The correct entry is:

Cash A/c Dr 1,000

To Rent received in advance A/c 1,000

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Similar questions

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Q. Rent paid in the accounting year Rs. 6,000. Rent paid in advance at the end of the year Rs. 500. Rent outstanding but not yet paid for the year Rs. 1,000. The amount to be debited to income and expenditure account is:

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Which of the following is correct regarding advance from customers received as at end of the financial year?

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What is the correct entry for recording rent received in advance as at the end of the financial year amounting to Rs 1,000?

The correct option is B Cash A/c Dr 1,000 To Rent received in advance A/c 1,000 The correct entry is: Cash A/c Dr 1,000 To Rent received in advance A/c 1,000

The correct option is B

Cash A/c Dr 1,000

To Rent received in advance A/c 1,000

The correct entry is:

Cash A/c Dr 1,000

To Rent received in advance A/c 1,000