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 ???
Menu
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)
@ CA. Subhash Dangi
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
Recent Topics :
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
Related Topics :
CAclubindia
