Rent Recieved

pppgreen

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.

PGM

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.

clegganator

If commission is taken by an agent that amount should be included in the turnover/income figure and then taken off as an expense...

PGM

clegganator wrote: »

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.