About Trust Accounting:
Recipe No 101 & 109 of two different parties has been issued,
1st party for subscripttions Rs.500/-
2nd party for Photo Advertisement Rs. 1,500/-
Trust maintain only Cash & Bank , Subscripttions & Advertising A/c.
Single payment receipts of Rs.2,000/- in Bank.
How to pass its Journal entries???
Subscripttions are revenues and advertisements is expenses. So you can deposit 2000 into bank.
Bank a/c 500₹
To Subscripttions Revenue a/c 500₹
And
Advertisement expenses a/c 1500₹
To Bank a/c 1500₹
CAclubindia
