Expenses payable

YES IT PERTAINS IN MATCHING PRINCIPAL OF FINANCIAL ACCOUNTING

Method of accounting for an education trust is cash system. You should accounted the expenses and Income when they are paid/ received so there are no journal entries. Receipt & payment account and Income & expenditure account are the final accounts (instead of Trading & Profit Loss account). you should maintain : Cash book Ledger  Fees register Salary Register other register as per requirement.  
 

Dear Rama Sir

but how to treat AMC which is from july'21 to June'22 because from july to march is current year exp. & from april to june'22 is for next year. same as telephone exp. which is payable in march but we paid it on april or may?

debit the telelphone charges also as and when you pay