Hai, We are running a computer education center and we have to manage student fees income. I have searched on internet and I compiled the entries for transactions
ledger creation for student fees management
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student a/c - sundry debtors
coaching fees income - incomes
bad debts a/c - indirect expenses
1.After new student creation (Journal entry)
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student a/c - debit
coaching fees - credit
2.when student pay fees (Receipt entry)
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cash a/c - debit
student a/c - credit
3.when student left without pay fees or not come (Journal)
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bad debts - debit (balance amount)
student a/c - credit
My doubt is why Profit and Loss statement shows the whole fees amount as income in the current month after first journal transaction. Some students pay the amount after a month or every month. How to show the Income for the correct month when they are paying the due amount. pls clarify me
CAclubindia
