Ramanuj (Accountant.) 20 June 2015
I want to know about Balance sheet make of receipt basis or accurel basis. some tuition fee receipt in march,15 but Classes cancelled in April. how to do ? please advice.
thanks & regards
CA Suri Kota (Assistant Manager @ EY) 25 June 2015
All the books of accounts are made on accrual basis.
In you case as you received in advance from customers for which classes cancelled, as on 31st March , put them under Liablities as Adv received from customers.