I am paying School Fees of my child in 05 Feb 2015,in two headings. Tution fees for 1st quarter of next Fy (Apr 15 - Jun 15) Rs 13800, And Other Fees for Whole Year (Apr 15 - Mar 16) = 13500. (Total 27300). What will be entries this year 2014-2015, and next year ?
FY 14-15
School Fees A/c Dr
Prepaid exp a/c dr
to Bank A/c
FY
School fees exp
to Prepaid exp
Divide it proportionetly on the basis of no of months.
Aggarwal Sarawagi and Co
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CA
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O P Bagla & Co LLP
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B.Com
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CAclubindia
