accounting entries
By USMANQATAR •
hai, can anybody pls give me the entries for following transaction
1.cmpany x take a a sub contract from company Y for one year qr:150,000
2.cmpany X recieved qr.50,000 as a advance payment
3.contract expence is increased by qr:200,000
4.made one invoice by company X to Ccompany Y qr:25000 as per the contract finished
which ledger accounts to be created to make this accounts
thank you.
1.cmpany x take a a sub contract from company Y for one year qr:150,000
dr accounts receivable 150,000
cr deferren rent income 150,000
take note that you would have to prepare a monthly entry then for the rent income
dr deferred rent income 12500
cr prerent income 12,500
2.cmpany X recieved qr.50,000 as a advance payment
dr cash 50000
cr accounts receivable
3.contract expence is increased by qr:200,000
- this would depend on the timing and effect of the change in contract terms -
4.made one invoice by company X to Ccompany Y qr:25000 as per the contract finished
-if it was just an invoice made, there is no accounting transaction, make the description more specific -
advice: hire an accountant or at least, part time bookkeeper