Accounting in educational institution

sir,

How to do the entries in the following case

our session is started from october 2012  and it will end on october 2013. Some student paid full fee, some paid half fee only and some not paid any couse fee. But my account has to close 31-3-2013  and i am following accural system of accouning.

my question is, whether i should consider all the fee not received till 31-3-13 as an oustanding fee (current assets) or not ? 

 

Hoping your help from your side.

regards.

Yogendra chettri

 

 

 

Replies (1)

What ever fee which was due as for the terms till 31st march, 2013 should be recognised as income and if any of such fee due was not yet received for the period should be recognised as current asset.

 

Fees received in advance for the terms after 31st march, 2013 should be treated as Advance and recognised under Current Liabilities.

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