What is the amount of fee to be recoreded in r&p account
This query is : Resolved
14 October 2012
the club became member of a tennis association on 1/1/12 & paid FEE upto 31/12/12.
given income and exp..account for the period 1/4/11 to 31/3/12. (FEE: 3200)(given) question asking u to record that FEE in R&P account. how much amt do u record.
given income and exp..account for the period 1/4/11 to 31/3/12. (FEE: 3200)(given) question asking u to record that FEE in R&P account. how much amt do u record.
15 October 2012
Recording fee in R&P is Rs.800. How it is Rs.800 it is very simple the Fee received for 12 months from the month of Jan 12 to Dec 12 of Rs.3200. But the club closing it's books of account on 31-3-2012 i.e it received 9 months fee as advance. So advance received fee should be record at liabilities side of the balance sheet.
Thus Income credit to the income & expenditure a/c is Rs.800 and advance fee received is Rs.2400 which is shows at liabilities side of Balance sheet.
Note: In case of the above said club is the payer of Fee then Rs.800 debit to income & expenditure a/c and Rs.2400 as advance fee paid and shows at assets side of balance sheet.
OM SAI SRI SAI JAI JAI SAI
Thus Income credit to the income & expenditure a/c is Rs.800 and advance fee received is Rs.2400 which is shows at liabilities side of Balance sheet.
Note: In case of the above said club is the payer of Fee then Rs.800 debit to income & expenditure a/c and Rs.2400 as advance fee paid and shows at assets side of balance sheet.
OM SAI SRI SAI JAI JAI SAI
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