Tag Archives: #RentPayment

What is the journal entry for rent paid?

journal entry for cash paid into a bank

Journal entry for rent paid  The journal entry for rent paid depends on the method of payment. Here are some examples: Rent paid by cash: Debit Rent Expense Account Credit Cash/Bank Account Rent paid by cheque: Debit Rent Expense Account Credit Bank Account Rent paid in advance: Debit Prepaid Rent Account Credit Cash/Bank Account To… Read More »

How is HRA tax exemption calculated?

HRA tax exemption calculation

HRA Tax Exemption Calculation HRA tax exemption calculation: HRA, short for House Rent Allowance, is a salary component provided by employers to assist employees in covering their rental expenses. The exemption for House Rent Allowance (HRA) is determined by considering The following three factors: Actual HRA received from the employer. Rent paid by the employee… Read More »