Hi @jamilafzal
firstly, you may consider the rental equipment as fixed asset item with depreciation schedule,
these links below may help you out
https://discuss.frappe.io/t/depreciating-stock-per-use-rentals/21900/4
https://discuss.frappe.io/t/how-to-manage-stock-for-rental-business/32401/2
https://discuss.frappe.io/t/equipment-rental/15378/2
https://discuss.frappe.io/t/asset-management-questions/19736
https://discuss.frappe.io/t/rent-fixed-assets/15412
https://discuss.frappe.io/t/erpnext-agriculture/29008/9