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    SODJINOU PRISCA's Avatar
    SODJINOU PRISCA Posts: 1, Reputation: 1
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    #1

    Feb 23, 2010, 03:13 AM
    In case of rent two rents account are opened. Rent received is credited to what?
    In case of rent ,two account may be opened.rent received is credited to rent receivable account;rent paid to rent account.at the end of the year the profit and loss is debited to rent paid and credited with rent receivable.help me in criticizing the above treatment of rent account.
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #2

    Jul 7, 2010, 07:57 AM
    What do you mean by "criticize the above treatment"? "Two account may be opened"?

    What, exactly is your question? Is this homework help, or is this a question about a real life situation?

    Please clarify exactly what you are asking.
    sigibah's Avatar
    sigibah Posts: 4, Reputation: 1
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    #3

    Jul 7, 2010, 11:08 AM

    You need to be specific on the question.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Jul 7, 2010, 05:56 PM

    Rent paid to you is a Revenue account. For example a business that rents out your space

    Rent paid by you is an Expense account. For an example you are renting space from another business.

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