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School fees under which head

Accounting Entries 47774 views 10 replies

Vijayalaxmi Kuravvatti

1 Points Posted on 21 May 2021

I want school fees entry under which head it comes in tally

Replies (10)

Quick Summary

School fees treatment depends on context. For schools it is income. For individuals it is personal expense, recorded in capital account, not business expense, though eligible for deduction under section 80C.

prasad Nilugal

3924 Points Posted on 21 May 2021

If you are maintaining School books of Accounts in Tally ERP 9 , then school fees received by school will be under the head Income of Income & Expenditure A/C .
J.E will be

Bank A/c Dr
To School Fees A/c Cr
( Being school fees received for the month)

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 21 May 2021

School fees is indirect expenses.

School expenses a/c dr
to Cash/Bank a/c

P/L a/c dr
to school fees a/c

prasad Nilugal

3924 Points Posted on 21 May 2021

How one can include school fees in Business , or Business expense . It's personal expense of Students . It's only income of school .

Aayush Munje

63 Points Posted on 21 May 2021

It omes under capital Account

CA Jaswanth S

Practicing Chartered Accountant

119 Points Posted on 21 May 2021

If the school fee received is related to school books of accounts, then Mr. Prasad Nilugal is correct but in case if in the case school fee is paid by an individual doing other than the school business as his children school fee, it should be charged to capital account and can be claimed as a deduction u/s 80C upto a limit of 1.5 lakh @ time of filing ITR

tushar

student

30 Points Posted on 22 May 2021

One question, 5 answers all different

Rajat Sharma

Accountant

647 Points Posted on 23 May 2021

It is a capital expenditure

prasad Nilugal

3924 Points Posted on 23 May 2021

But Vijayalakshmi madam who ask this query , still not clarified , that she has received School fees or paid school fees . If she maintaining School accounts then she received school fees .so we can't decide , it's Expenditure or income , her clarification is necessary .

Nayan Medic

Professional + Student

343 Points Posted on 31 May 2023

School fees can be categorized under the "Indirect Expenses" head. This is because school fees are considered an expenditure for educational services and are not directly related to the core operations of the business.