Sir,
We are dealing with Audit of School
We have school fees received in advance Last year - We reflected it at LIABILITY SIDE of B/S.
What is the treatment for current year ???
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Receipts in advance
Replies (4)
U pass an entry to recognise the revenue in current year
Entry:
Liability A/c Dr.... xxxx
To School fees A/c xxxx
(Being advance receipt of scholl fee received last year broght to revenue account)
Sir,
I got it.... So it should be reduced in liablities side and should be treated as current years income .......
Thank u sir...
Prev year Journal entry:
(Debit) Cash a/c
(Cr.) Deffered Income (Liability)
CY:
(Debit.) Deffered Income (Liability)
(Cr.) School Fees
Exactly sir,,,,, i agree with u
thank u
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