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Accounting entry for rent expense
Our rental for MAY was 20,000 and my entry for it was:
DR: Rental fixed-head office 20,000 CR: w/tax at source - 5% 1,000 CR: cash 19,000 We have already paid the MAY rental which is 19,000 but the owner of the building demands for INPUT VAT (12%) on our rental for JUNE including INPUT VAT for MAY. What would be my entry for JUNE to cover up also the adjustment for MAY rental? Is this entry correct: DR: Rental fixed-head office 17,857.14 DR: Input vat 2,142.86 DR:_____________________ 107.14 CR: w/tax at source - 5% 892.86 CR: cash 19,214.28 If it's correct, what would be my account title for the amount 107.14? Thank you and hoping for your immediate response. |
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