Caution money adjustment

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This discussion addresses how a college can adjust a student's hostel caution money against outstanding tuition fees. The correct journal entry in Tally involves debiting the caution money account (reversing the deposit/liability) and crediting the tuition fees account to book the income. This ensures the financial records accurately reflect the transaction.

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(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.
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Dhirajlal Rambhia

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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/-
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CA Punit

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CA Punit (Expert)
12 December 2022 I think it would be the other way :)

Caution Money Dr. (Deposit/ Liability reversed)
To Tution Fees (Income booked)
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