kumar (Working) (172 Points)
14 September 2012Dear CA Clubians
The CAse is regaring Trust. They received Fee from Students for conductiong class. i.e meditation. Fee pending they shown us sundry debtor. in that case i have no doubt.
If the received advance from student whether it is shown in sundry creditors or sundry debtors. i has asked some one they told sundry debtors but i told it is sundry creditors.please confirm the same.
thank you
CA Vidish Kumar Gupta
(Chartered Accountant)
(136 Points)
Replied 14 September 2012
You will have to show it as an advance received from debtor, for which services are yet to be provided. As, against this receipt you are going to provide services in near future.
You cannot show it as a creditor as you are not liable to pay any amount to the person.
CAclubindia
