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    SRINIVAS_220269's Avatar
    SRINIVAS_220269 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 14, 2009, 11:42 PM
    Procedure of Accounting
    One supplier supplies vehicle on rental basis. After using the vehicle for one month, the user issued a cheque against the bill submitted by the supplier. Please advice how it is to be accounted by using debit and credit.
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Oct 15, 2009, 02:48 AM

    DEBIT Motor Vehicle Rental Account.
    CREDIT Bank Account.

    Being m/v rent paid.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Oct 16, 2009, 07:13 PM

    It doesn't say whether the entry is needed for the supplier or the user.
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