Bank ABC has rented a space from zebra trader to open up their branch. Following transactions took place between the two parties: –

Bank ABC has rented a space from zebra trader to open up their branch. Following
transactions took place between the two parties: –
– On January 1st 2013, Bank ABC and Zebra Traders signed an agreement under which the
bank would rent the space at a charge of Rs.240, 000 per annum.
– On January 3rd, the bank issued a cheque of Rs.240, 000 in favor of Zebra traders.
– Assume that both parties adjust their accounts on a monthly basis.
A. Record the above transactions in books of Bank ABC and Zebra Traders.
B. What entry will be recorded in the books of Bank on March 31, 2013?
C. What entry will be recorded in the books of Zebra on March 31, 2013?
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