How Is Entrance Fees Dealt With While Preparing The Final Accounts For the Year Ended 31st March, 2019 In Each Of the Following Alternative Cases? - Accountancy

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How is Entrance Fees dealt with while preparing the final accounts for the year ended 31st March, 2019 in each of the following alternative cases?

Case I    During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.

Case II    During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.Out of this, ₹ 25,000 was received from individuals whose membership is not yet approved.




Case 1


Income and Expenditure Account 
for the year ended March 31, 2019

Expenditure Amount (₹)IncomeAmount (₹)
  Entrance Fees1,00,000
 Case 2

Income and Expenditure Account 
for the year ended March 31, 2019

Expenditure Amount (₹)IncomeAmount (₹)
  Entrance Fees75,000
  (1,00,000 – 25,000) 


Chapter-1 Financial Statements of Not for Profit Organisations-TS Grewal



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