Dear all
I want to know about Balance sheet make of receipt basis or accurel basis. some tuition fee receipt in march,15 but Classes cancelled in April. how to do ? please advice.
thanks & regards
Ramanuj
1 Replies
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 25 June 2015
All the books of accounts are made on accrual basis.
In you case as you received in advance from customers for which classes cancelled, as on 31st March , put them under Liablities as Adv received from customers.
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