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Advance fees collections from patients accepted

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(Querist)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 January 2022 Yes, it's accepted. Account it as advance in the books of accounts.
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kollipara sundaraiah

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kollipara sundaraiah (Querist)
17 January 2022 sir, advance fees collections from patients amount rs:10 lacs fees collections income added or not added



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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 January 2022 Not to be added as it's only advance.
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kollipara sundaraiah

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kollipara sundaraiah (Querist)
20 January 2022 sir, limit of advance from patient each person (rs:1,90,000/- or rs:10,000)
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 January 2022 Rs 1,90,000 in cash allowed.

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