Kia and Siya are partners in a firm sharing profits equally. Siya has given her property on rent to the firm on a monthly rent of ₹ 25,000. The firm paid her rent from April 2023 to January 2024 by cheque on 10th February 2024

Kia and Siya are partners in a firm sharing profits equally. Siya has given her property on rent to the firm on a monthly rent of ₹ 25,000. The firm paid her rent from April 2023 to January 2024 by cheque on 10th February 2024. Rent for the month of February and March was yet to be paid.

Pass the Journal entries for the above transactions for the year ended 31st March, 2024.

[Ans. Rent paid up to January 2024 ₹ 2,50,000; REnt A/c transferred to Profit & Loss A/c ₹ 3,00,000.]