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School fees under which head

A/c entries 47106 views 10 replies
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1 Points Posted on 21 May 2021

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

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On 21 May 2021 at 17:58 Report
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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.

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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)
5 Reply
On 21 May 2021 at 19:05
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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
129 Reply
On 21 May 2021 at 19:24
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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 .
5 Reply
On 21 May 2021 at 19:29
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63 Points Posted on 21 May 2021
It omes under capital Account
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On 21 May 2021 at 21:04
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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
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On 21 May 2021 at 23:54
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student
30 Points Posted on 22 May 2021
One question, 5 answers all different
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On 22 May 2021 at 18:44
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Accountant
647 Points Posted on 23 May 2021
It is a capital expenditure
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On 23 May 2021 at 08:48
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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 .
5 Reply
On 23 May 2021 at 09:02
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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. 

7 Reply
On 31 May 2023 at 17:49
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2 Points Posted on 29 June 2024

CAPITAL A/C DEBIT SIDE RIGHT 

 

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On 29 June 2024 at 16:49


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