Revenue recogniation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2011 Coaching classes charging Fees as follows for the course to be started in sept 2011 :
Admission fees : 10000 & tuition fees : 50000

Student takes admission on 1/3/11 & pays admission fees Rs. 10,000/-

Balance tuition fees is payable by August 2011.

Please let me know whether in the financial year 2010-2011 whether tuition fees to be recognise as income? if yes why?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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28 February 2011 Would depend whether cash or mercantile system of accounting is followed.

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2011 Mercantile system of accounting is followed

Aditya Maheshwari

Aditya Maheshwari (Expert)
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28 February 2011 Then if invoice raised then full revenue to be booked.

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