24 May 2013
Respected All I have a query regarding receipt & Payment preparation of educational institute
at the time of preparing receipt & Payment of our institute our accounts & finance manager taking amount like below mentioned & i am confuse about that please give me information
while taking library deposit refund amount
opening 1772408
dr. -821500
cr . -886500
closing - 1837408
he took rs 65000/- on receipt side ( 821500-886500) & while taking scholarship payable amount he took the closing balance amount
amount - so & so is correct to take one amount like 1st step & other like 2nd step or there is something wrong or all wrong if yes please tell me how to take amounts when creating receipt & payment
25 May 2013
In the Case of Library Deposit Refund Amount it is absolutely correct.
but in case of Scholarship Payable Amount i cant answer because the full Details are not known to me
as taking the closing balance is not right it may be such that the difference of received & payment amount (i.e Dr-Cr) is also the same with that of closing balance
Eg Suppose Opening Amount is Rs.10000/-
Dr amount (payment) is Rs.10000/-
Cr Amount (received) is Rs.20000/-
So the Closing Balance here is Rs.10000/-
and the Difference (dr-cr= 20000-10000) is also Rs.10000/-
So it can be that amount taken is Rs.10000/-
Also one thing i would like to tell you is that taking the net amount is not according to Accounting Policy
Better both Receipts & Payments should be taken instead of showing the Net Difference Amount
CAclubindia
