Examples
Rent paid by cheque: the journal entry
The golden rules applied to each account, then the entry written in the Indian format, debits equal to credits.
- 0:46
- Accounting problems
- Narrated by Erinome
- English
Made from a prompt
Pass the journal entry: paid rent ₹5,000 by cheque.
Video transcript
In this video, you will learn how to record rent paid by cheque.
Question one. Pass the journal entry: paid rent five thousand rupees by cheque.
Rent is a nominal account because it records an expense. Bank is a personal account and is the giver. For rent, apply the rule: debit all expenses and losses.
For bank, apply the rule: credit the giver. So debit Rent account and credit Bank account by five thousand rupees each. Write Rent account debit, five thousand rupees.
Below it, write To Bank account, five thousand rupees.
Debits equal credits: five thousand rupees each.
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