Accounting entry
This query is : Resolved
15 December 2014
i need to pass an accounting entry for an educational institue, where income is shown on receipt basis and fee is received in installment.
i need to open the account of every student so that i will easily recognise the undue amount of student.
for ex. if any student pay fees 2500, and course in which he is register is 70000 so the outstanding amount id 67500 in student account
i need to open the account of every student so that i will easily recognise the undue amount of student.
for ex. if any student pay fees 2500, and course in which he is register is 70000 so the outstanding amount id 67500 in student account
16 December 2014
First record a journal entry:
Student A/c (Sundry Debtors) Dr
To Fees A/c (Income)
On receipt of installments record the following entry:
Cash/Bank A/c Dr
To Student A/c
Student A/c (Sundry Debtors) Dr
To Fees A/c (Income)
On receipt of installments record the following entry:
Cash/Bank A/c Dr
To Student A/c
16 December 2014
bt sir, as per ur entry full fees will b credited in income
that's the thing I don't want
income will be on receipt basis.
so that entry will not be passed
that's the thing I don't want
income will be on receipt basis.
so that entry will not be passed
17 December 2014
If you want to maintain the books of account on cash basis then it is not possible to record outstanding balance of fees from individual students.
It is possible only if you maintain books on accrual basis.
You will have to maintain a manual record. Any attempts to route the transaction through the books of account will create problems during audit & assessment.
It is possible only if you maintain books on accrual basis.
You will have to maintain a manual record. Any attempts to route the transaction through the books of account will create problems during audit & assessment.
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