Rent Recieved

pppgreenpppgreen New MemberRegistered Posts: 21
When recieving money for rent i.e. your a landlord is it a debit or credit entry in the rent recieved account?

So if commission recieved of £150 has been credited to the rent recieved account would it affect the trail balance?

Thanks in advance.

Comments

  • PGMPGM Font Of All Knowledge Registered Posts: 1,954
    Rent ie income is a credit.

    £150 received would be a credit for the income, and the other entry, the debit, would be £150 cash going into the bank.
  • clegganatorclegganator Well-Known Registered Posts: 184
    If commission is taken by an agent that amount should be included in the turnover/income figure and then taken off as an expense...
  • PGMPGM Font Of All Knowledge Registered Posts: 1,954
    If commission is taken by an agent that amount should be included in the turnover/income figure and then taken off as an expense...

    Yes if commission paid, the OP says commission received.
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