Income recog.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2010 Dear All

Will u please guide me on the accounting trartment of Income & Expenditure of an Training institute.

Suppose we got 50k in april month on account of Registration fee & issued the prospectus to the students. then in the month of april what would be my income is it Rs. 50k ??? and accounting entry???

Suppose we got 40k in May month on account of admission fee from the students but nothing services provided to them . then in the month of May what would be my income is it Rs. 40k ??? and accounting entry???

Suppose then, we got 80k in June month on account of Batch start fee from the students and started providing classes/services to them and will claim 50k from the students every month till Feb-2011then every month what would be the income in the books?? and a/c entries

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 August 2010 Registration fees need to recognise as revenue immediatly, but the admission and tution feed based on duration on course can be defferred and recognise over the period of course duration

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2010 thanks sir!

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