If rent is paid to the landlord, the landlord’s A/c should be debited.

Question

If rent is paid to the landlord, the landlord’s A/c should be debited.

State whether the following statements are True or False with reason:

Monjur Alahi

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2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

This statement is False.

Correct Statement: If rent is paid to the landlord, the Rent account should be debited. Reasons: Rent paid is an expense and hence it is a nominal account. When rent is paid to the landlord, the rent account is affected and not the landlord’s account. Rent is an expense to a tenant who pays it and it is an income for the landlord. Such payment is not personally due to the landlord as there is no lending and borrowing of money between landlord and rent payer. As per the rule of nominal account, the rent account is debited because it is an expense. As cash goes out cash account is credited.