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RTE Grant Accounting Entries

1455 views 1 replies

Jigar

B.Com

153 Points Posted on 20 September 2021

CASE OF SCHOOL:-

STD. 7 YEARLY RS.3500/- TUITION FEE..

Fees is collected from parents an fee receipt is issued to them. On the basis of fee receipt issued accounting entries is done.

BUT FOR SOME STUDENTS GOVERNMENT ISSUE GRANT UNDER RTE (RIGHT TO EDUCATION ACT) TO SCHOOL.:-

Under such situation school receive frees from government but school issue fee receipt to parents (without collecting money) whose child is being educated under RTE.

PLEASE DO EXPLAIN BOTH SITUATION ACCOUNTING ENTRY IN TALLY ERP 9 TO TALLY MY FEES INCOME REGISTER.

Replies (1)

prasad Nilugal

GST Practitioner & Accounts

15097 Points Posted on 20 September 2021

In case school fees then pass entry

Cash / Bank A/c Dr
To School fees A/c Cr
( Being fees received )

Then same will be transferred to Income and Expenditure account .
School fees A/c Dr
To Income and Expenditure A/c Cr
( fees transfer to I &E account )

When you receive GOVT grants then pass entry.
Cash / Bank A/c Dr
To GOVT Grants A/c Cr
( Being Grant received for fees)

then same Govt grants will be transferred to Income and Expenditure .
GOVT Grants A/c Dr
To Income and Expenditure A/c Cr
( Grants transfer to I &E account ).