Receipt & payment

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atul mane (Querist)
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24 May 2013 Respected All
I have a query regarding receipt & Payment preparation of educational institute

at the time of preparing receipt & Payment of our institute our accounts & finance manager taking amount like below mentioned & i am confuse about that please give me information

while taking library deposit refund amount

opening 1772408

dr. -821500

cr . -886500

closing - 1837408

he took rs 65000/- on receipt side
( 821500-886500)
& while taking scholarship payable amount
he took the closing balance amount

amount - so & so
is correct to take one amount like 1st step & other like 2nd step or there is something wrong or all wrong if yes please tell me how to take amounts when creating receipt & payment

Thank You.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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25 May 2013 In the Case of Library Deposit Refund Amount it is absolutely correct.

but in case of Scholarship Payable Amount i cant answer because the full Details are not known to me

as taking the closing balance is not right it may be such that the difference of received & payment amount (i.e Dr-Cr) is also the same with that of closing balance

Eg Suppose Opening Amount is Rs.10000/-

Dr amount (payment) is Rs.10000/-

Cr Amount (received) is Rs.20000/-

So the Closing Balance here is Rs.10000/-

and the Difference (dr-cr= 20000-10000) is also Rs.10000/-

So it can be that amount taken is Rs.10000/-

Also one thing i would like to tell you is that taking the net amount is not according to Accounting Policy

Better both Receipts & Payments should be taken instead of showing the Net Difference Amount

atul mane

atul mane (Querist)
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29 May 2013 Thank You Sourabh Sir for your help.

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