Finology
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Advance fees collections from patients accepted

This query is : Resolved 

16 January 2022 Sir,
A person accounting records maintained for hospital.advance fees collections from patients rs:10 lacs show in books.
Question:
Advance fees collections received from patients accepted in it act and how the accounting entry passed in books.

16 January 2022 Yes, it's accepted. Account it as advance in the books of accounts.

17 January 2022 sir, advance fees collections from patients amount rs:10 lacs fees collections income added or not added

17 January 2022 Not to be added as it's only advance.

20 January 2022 sir, limit of advance from patient each person (rs:1,90,000/- or rs:10,000)

20 January 2022 Rs 1,90,000 in cash allowed.



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