Adjustment of entry

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Pranit Sockey (Querist)
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11 June 2023 How to post journal entry of tution fees collection from individual student in tally keeping the outstanding of individual student Suppose a student X have an outstanding tution fees on 1st April 50000/- and received an amount of 25000/- in FY22-23. Show the journal entry for tally please share your answer it's urgent.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 June 2023 In case tuition fees of 25,000 accounted on receipt basis to tuition fees account.
Debit tution fees account and credit X tuition fees outstanding account.

Pranit Sockey

Pranit Sockey (Querist)
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13 June 2023 Actually sir, x is a student and has an due tution fees of rs 50000/- Last financial year ie 22-23 and this year he paid only rs 25000/- of the due tution fees. What will be entry in tally ERP 9.

Pranit Sockey

Pranit Sockey (Querist)
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13 June 2023 My opening entry is -
X. a/c (under sundry debtors) dr50000/-
To outstanding tution fee of x a/c 50000/-
(Under receivable)

Cash/bank a/c....... Dr 25000/-
To x a/c........25000/-

outstanding tution fee of x a/c. Dr 25000
To tution fee a/c. (Under indirect income) 25000/-
Is it correct?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 June 2023 It's not correct.
Pass only the following entry.
Bank ac Dr 25000
X ac (under sundry debtors) Cr 25000.

Pranit Sockey

Pranit Sockey (Querist)
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14 June 2023 Ok sir, but how to reflect the income of Rs 25000/-as tution fees in income side

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 June 2023 Last year 50,000 is accounted as income. That amount is received during the year so it's not current year income.

Pranit Sockey

Pranit Sockey (Querist)
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15 June 2023 No sir rs 50000/- its a closing debit balance of Last year of x .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 June 2023 50,000 accounted as last year income that's why it's showing debtor balance

Pranit Sockey

Pranit Sockey (Querist)
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16 June 2023 Let me explain a two year degree course fee
for a study cost 50000/, first year fee was 25000/- after paying a tution fees of rs 25000/- his tution fees and a student tution fees comes down to rs 25,000/- as the opening of the current year.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 June 2023 Yearly fees of 25000 paid directly accounted as income.
No need to keep any opening balance of debtors.

Pranit Sockey

Pranit Sockey (Querist)
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17 June 2023 Sir we have to generate outstanding report of each student in that case how we maintain the accounts

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2023 It's not outstanding it's next year fees, it's accounted in the next year.

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