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 (₹) | Income | Amount (₹) |
| Entrance Fees | 1,00,000 | ||
Case 2
Income and Expenditure Account
for the year ended March 31, 2019
| Expenditure | Amount (₹) | Income | Amount (₹) |
| Entrance Fees | 75,000 | ||
| (1,00,000 – 25,000) |