How to post journal entries for a re-admission fee paid by student

A/c entries 622 views 3 replies

Narasimhan Krishna

1 Points Joined August 2023

Dear CA,

I have this scenario.

One student paid fees and joined the school. After 2 months she quit the school.

School refunded the money and deducted whatever applicable under their rules.

Again she came back after 2 months and want to re-join the school for a new course.

Old course fee is say 30,000 and new course fee is say 40,000.

How to make all these entries in the accounting system? What is the correct procedure ?

If anyone can help with some example entries, I will be thankful.

thanks for your time.

regards

Replies (3)

prasad Nilugal

GST Practitioner & Accounts

14941 Points Joined March 2014

1) First admission entry

Bank A/c Dr
To School fees A/c Cr
( fees receipt)

School fees A/c Dr
To Income & Expenditure A/c Cr
( Transfer entry)

2) Refund entry

School fees refund A/c Dr
To Bank A/c Cr
To Recovery A/c Cr
( school fees refunded after some deduction)

Recovery A/c Dr
To Income & Expenditure A/c Cr
( Recovery is your income transfer entry)

3) Readmission

Bank A/c Dr
To school fees A/c Cr
( fees received)

School fees A/c Dr
To Income & Expenditure A/c Cr
( transfer entry)

I hope you have prepared Receipt & Payment A/c also along with Income & Expenditure A/c , show all receipts & refund entry in receipt & payment A/c also.

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

@ Narasimhan,

How to You keep your accounts in system...???
Are You use any Accounting Software...??

prasad Nilugal

GST Practitioner & Accounts

14941 Points Joined March 2014

I am not CA , I am a B.COM , graduate same has been mentioned in my profile also , however I had answered your query, please Confirm with CA also , as you specifically mentioned CA to reply your query .