Scenario: VIDYA T V
Office rent expenses paid to Shivani Real
Estate LLC AED 12000/- with 5% VAT dated
01-01-2018, for the period of 01-01-2018 to
31-12-2018
Office Rent : 12000
5% Vat : 600
Total :
12600
How to Post above
Entries in Tally ERP.9
Create Following
Ledger in Tally
Rent Expenses (Group Under
– Indirect Expenses)
Prepaid Rent (Group Under – Current Asset)
Shivani Real Estate LLC (Group Under – Sundry Creditor)
Prepaid Rent (Group Under – Current Asset)
Shivani Real Estate LLC (Group Under – Sundry Creditor)
Step 01: Rent Expenses Booking for VAT Claiming.
Date
|
Particulars
|
Debit
|
Credit
|
1/1/2018
|
Rent Expenses
|
12000
|
|
VAT
|
600
|
||
Shivani Real Estate LLC
|
12600
|
Step 02: Rent Expenses carry forward to current Asset.
In this above scenario all total amount of expenses booked
for a single month but this figure is not only for a single month it’s for
whole year rent so we can carry forward this figure to current asset without VAT.
Date
|
Particulars
|
Debit
|
Credit
|
1/1/2018
|
Rent Prepaid Expenses
|
12000
|
|
Rent Expenses
|
12000
|
Step 03: Monthly Rent Payment Entry.
Date
|
Particulars
|
Debit
|
Credit
|
1/1/2018
|
Rent Expenses
|
1000
|
|
Rent Prepaid Expenses
|
1000
|
For more details please watch :
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