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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Inventory of finished goods
- TDR receipts for agreement holder
- Sale of property furniture sale
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Company Incorporation - CA and directors signing from different states
- JOB WORK ITC 04
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- Point (III) 9 of GSTR-9C
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
