Frieds i would like to know what would be the accounting entries for below set of transactions:
In a Spa businees if a customer has bought a package of 10k in which he can redeem services for 15k over a period of 6 months.
What should be accounting entries for below transactions:
1. Sale entry and what should be the date of recording sale along with service tax?
2. Suppose customer redeems service for 5k, what should be the accounting effect
3. at the end of 6 months there is unredeemed amount of 3k, what should be the accounting effect of the same.
CAclubindia
