(1) School fee fixed to a Student for the year 2019-20 is Rs.50,000. (2) Student paid Rs.30,000 as advance. (3) Which A/c head have to group, Student name, School fee receivable, School fee received. (4) What entries have to made in Journal Voucher & Receipt Voucher. How can I pass entries in tally. Please guide me regarding this sir.
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Tally entries
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Quick Summary
Pass entry in Advance receipt voucher
Bank A/c Dr 30000/-
To Fees Received in Advance A/c Cr 30000/-
(Being fees received in Advance )
Fees received in Advance account A/c , in current liability side in Balance sheet )
Next year Adjustment will be
Fees received in Advance A/c Dr 30000/-
To School fees A/c Cr 30000/-
( Advance fees adjusted )
School fees will be under Income side of Income & Expenditure A/c
@ Prasad nicely explained
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