School Accounts. Last year's school bus fee balance amount ₹10000, now paid ₹8000, discount paid on bus fee 1000. How can I pass tally entries for this.
prasad Nilugal
( GST Practitioner & Accounts )
(14262 Points)
Replied 10 October 2020
1) As on 31st March last year your entry will be .
School Bus fees A/c Dr 10000/-
School Bus fees payable A/c Cr 10000/-
( Being Bus fees payable )
Bus fees payable under provisions liability side .
2) Bus fees payable A/c will be credit oping balance Rs 10000/- in the current year
3) When you pay in current year
Bus fees payable A/c Dr 10000/-
To Bank A/c Cr 9000/-
To Discount received A/c Cr 1000/-
( last year bus fees paid and discount received )
Discount received under income in Income & expenditure A/c
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