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What are the double entries for the renovation for discontinue renting a storeroom? should it be written off?
The entries for renovating a showroom would be:
Dr Showroom Asset Account
Cr Cash (or Payables)I’m not sure what you’re asking for the discontinuance of renting a showroom!
If you hire a car for a year and then choose not to hire it for the next year, what entry would be necessary to record that discontinuance? None that I can think of!
I suppose that there could be a penalty clause within the rental agreement where we have to pay compensation to the landlord in the event that, partway through the rental period, we decide to quit the premises … is that what you mean?
In that case, the compensation amount would be written off as an expense
OK?
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