Journal entry of security deposit entry in tally

Journal entry of security deposit entry in tally

Suppose a contract is signed for Taking a building on rent for Rs 30,000 per month and security deposits of Rs 100000 is paid.

Under such condition, a journal entry will be pass in the books of accounts

Here Security deposit account need to open which is current asset for us and the journal entry for the same will be

Security deposits A/c Dr 100000

To Cash A/c

(being security deposits paid )

Example 2

Mr. Akash received security deposit for rent Rs 100,000

In the above case, the rent deposit is received from the party therefore after few days or a year Akash has to pay it to Pary it is a liability for him.

The journal entry for the same will be

Cash A/c Dr 100,000

To Rent Deposit A/c 100.000

(being rent deposit received)

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