Revenue Recoginition
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2010
I have a query pl. read it carefully:
A institute is providing some kind of Training & vocational services to students and charging fee from them as follows:
At the time of Registration they are charging: 1000/-Rs. per student (suppose it happens on 25th of april)
At the time of admission: 10000/- Rs. per student (suppose it happens on 15th of May)
On first class: 15000/-Rs. per student (Received on 1st June)(from here the student will get start services)
Then Rs. 10000/- on 5th of every month (in 10 installments)
What would be the accounting entries for each of above mentioned?
Income for APril & May month???
Deffered training fees amount???
Training & Development fees??
Thanks in advance!
A institute is providing some kind of Training & vocational services to students and charging fee from them as follows:
At the time of Registration they are charging: 1000/-Rs. per student (suppose it happens on 25th of april)
At the time of admission: 10000/- Rs. per student (suppose it happens on 15th of May)
On first class: 15000/-Rs. per student (Received on 1st June)(from here the student will get start services)
Then Rs. 10000/- on 5th of every month (in 10 installments)
What would be the accounting entries for each of above mentioned?
Income for APril & May month???
Deffered training fees amount???
Training & Development fees??
Thanks in advance!
CA Kamal Gangaramani
(Expert)
01 July 2010
All income seem to be revenue receipts, There does not seem to be any advance receipt. fees are charged montly.
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