Caution money adjustment
This query is : Resolved
Quick Summary
Pranit Sockey
(Querist)
29 November 2022
If a college keeps 8000/- as caution money from student staying in hostel after the completion of study students wanted to adjust the hostel caution money with the same remaining amount of rs 8000/- as tution fees. Please show how to pass journal entry in tally.
Dhirajlal Rambhia
(Expert)
30 November 2022
In the books of Collège pass journal entry as...
To. Tuition fees ... Rs. 8000/-
By. Caution money or Advance Receipts.. Rs. 8000/-
To. Tuition fees ... Rs. 8000/-
By. Caution money or Advance Receipts.. Rs. 8000/-
12 December 2022
I think it would be the other way :)
Caution Money Dr. (Deposit/ Liability reversed)
To Tution Fees (Income booked)
Caution Money Dr. (Deposit/ Liability reversed)
To Tution Fees (Income booked)
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