Receipts in advance

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...

Exactly sir,,,,, i agree with u

thank u