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School fees under which head

Vijayalaxmi Kuravvatti (1 Points)

21 May 2021

I want school fees entry under which head it comes in tally

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9 Replies

prasad Nilugal (3914 Points)
Replied 21 May 2021

If you are maintaining School books of Accounts in Tally ERP 9 , then school fees received by school will be under the head Income of Income & Expenditure A/C .
J.E will be

Bank A/c Dr
To School Fees A/c Cr
( Being school fees received for the month)

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 21 May 2021

School fees is indirect expenses.

School expenses a/c dr
to Cash/Bank a/c

P/L a/c dr
to school fees a/c

prasad Nilugal (3914 Points)
Replied 21 May 2021

How one can include school fees in Business , or Business expense . It's personal expense of Students . It's only income of school .

Aayush Munje (63 Points)
Replied 21 May 2021

It omes under capital Account

CA Jaswanth S (Practicing Chartered Accountant) (119 Points)
Replied 21 May 2021

If the school fee received is related to school books of accounts, then Mr. Prasad Nilugal is correct but in case if in the case school fee is paid by an individual doing other than the school business as his children school fee, it should be charged to capital account and can be claimed as a deduction u/s 80C upto a limit of 1.5 lakh @ time of filing ITR

1 Like

tushar (student) (30 Points)
Replied 22 May 2021

One question, 5 answers all different

Rajat Sharma (467 Points)
Replied 23 May 2021

It is a capital expenditure

prasad Nilugal (3914 Points)
Replied 23 May 2021

But Vijayalakshmi madam who ask this query , still not clarified , that she has received School fees or paid school fees . If she maintaining School accounts then she received school fees .so we can't decide , it's Expenditure or income , her clarification is necessary .

Nayan Medic (Professional + Student) (322 Points)
Replied 31 May 2023

School fees can be categorized under the "Indirect Expenses" head. This is because school fees are considered an expenditure for educational services and are not directly related to the core operations of the business.