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View Full Version : Procedure of Accounting


SRINIVAS_220269
Oct 14, 2009, 11:42 PM
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
Oct 15, 2009, 02:48 AM
DEBIT Motor Vehicle Rental Account.
CREDIT Bank Account.

Being m/v rent paid.

morgaine300
Oct 16, 2009, 07:13 PM
It doesn't say whether the entry is needed for the supplier or the user.