For the current year (2009-2010) tuition fees receivable(outstanding) Rs.24000

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Solution

Dear Student

The treatment of tuition fees receivable is as follows:

Shown in Assets side of Balance Sheet, and

Added to the amount received on account of tuition fees for the current year on the credit side (Income side) of Income and Expenditure Account.

Regards

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Similar questions

Q. Statements:
I. The private medical colleges have increased the tuition fees in the current year by 200 per cent over the last year's fees to meet the expenses.
II. The Government medical colleges have not increased their fees in spite of price escalation.

PRACTICAL PROBLEMS

Following is the accounting information for the year 2009-2010 of Cricket Club, Pune, You are required to prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that date.

Balance Sheet as on 01.04.2009
Liabilities	Amount Rs	Assets		Amount Rs
Capital Fund	67,100	Land		1,20,000
Building Fund	54,000	Sports Material		32,000
Bank Overdraft	37,400	Cash in Hand		2,200
		Outstanding Subscriptions
		2007-2008	Rs 1,800
		2008-2009	Rs 2,500	4,300
	1,58,500			1,58,500

Receipts and Payments Account for year ending on 31-03-2010
Dr.	Cr.
Receipts		Amount Rs	Amount Rs	Payments	Amount Rs	Amount Rs
To Balance b/d			2,200	Bank Overdraft (repaid)		37,400
(cash in Hand)				By Salaries		25,600
To subscription				By Electricity Charges		2,250
2007-2008		1,800		By Rent and Taxes		1,750
2008-2009		2,500		By Printing and Stationery		5,100
2009-2010		65,500	69,800	By Entertainment Expenses		8,700
To Donations			11,000	31/03/2010
To Entertainment Receipts			8,800	By Balance c/d
To Entrance Fees			2,000	Cash in Hand		3,000
				Cash at Bank		10,000
			93,800			93,800

Adjustments:

1) Donation are received for Building Fund.

2) Entrance Fees are to be Capitalized.

3) Outstanding Subscription Rs 1,500.

4) Depreciate sport Material @ 12 1/2% p.a.

PRACTICAL PROBLEMS

(Newly started Associations)

Following is the Receipts and Payments Account of Bavdhan Pensioners Association newly started on 01.04.2010.

Receipts and Payment Account for the year ending on 31-03-2011
Dr.						Cr.
Receipts	Amount Rs	Amount Rs	Payments	Amount Rs	Amount Rs
To Subscriptions received			By rent		6,000
For 2010-2011	85,000		By Travelling Expenses		2,800
For 2011-2012	6,900		By Expenses for get-together
For 2012-2013	2,000		Function		3,300
		93,900	By Charity		1,000
To Entrance Fees		11,000	By Salaries		4,500
To Donations		25,000	By Furniture		30,500
			By Fixed Deposit		50,000
			By Balance c/d		31,800
		1,29,900			1,29,900

Adjustments:

1) Outstanding Subscription for current year Rs 10,000.

2) Entrance Fees are to be capitalized.

3) ‘Capital Fund’ should be created out of Entrance Fees and Surplus of the current year’.

4) Depreciate Furniture by Rs 2,500.

You are required to prepare Income and Expenditure Account for the year ending on 31/03/2011 and Balance Sheet as on that date.

The school fees for 4 months is ₹ 2080. Find the fees for the whole year.
[Note: Consider there are no vacations for that year]

Q. From the following, find out the amount of subscriptions to be included in the Income & Expenditure Account for the year ended 31st March 2009.
Subscription were received during the year 2008 - 2009 as follows:
For the year 2008 - 2009 30,000

For the year 2009 - 2010 3,000

Subscription outstanding as on 31st March 2008 were Rs. 3,500 out of which Rs.500 were considered to be irrecoverable. On the same date, Subscription received in advance for 2008-2009 were Rs. 2,000.

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For the current year (2009-2010) tuition fees receivable(outstanding) Rs.24000

Dear Student The treatment of tuition fees receivable is as follows: Shown in Assets side of Balance Sheet, and Added to the amount received on account of tuition fees for the current year on the credit side (Income side) of Income and Expenditure Account. Regards ​​​​

Dear Student

The treatment of tuition fees receivable is as follows:

Shown in Assets side of Balance Sheet, and

Added to the amount received on account of tuition fees for the current year on the credit side (Income side) of Income and Expenditure Account.

Regards