1. Booking Advance (Ashar 10)

Record advance received as a liability:

Dr Bank/Cash       5,000  
   Cr Unearned Revenue  5,000  

2. Revenue & Expenses at Ashar 30 (Fiscal Year-End)

Revenue for 20 Days:

Revenue = 1,00,000 ÷ 30 × 20 = 66,667

Dr Unearned Revenue     5,000  
Dr Accounts Receivable  61,667  
   Cr Revenue            66,667  

Expenses for 20 Days:

Expenses = 2,000 × 20 = 40,000

Dr COGS        40,000  
   Cr Bank        40,000  

3. Final Entry After Completion (Shrawan 10)

Remaining Revenue for 10 Days:

Revenue = 1,00,000 ÷ 30 × 10 = 33,333

Dr Accounts Receivable  33,333  
   Cr Revenue            33,333  

Remaining Expenses for 10 Days:

Expenses = 2,000 × 10 = 20,000

Dr COGS        20,000  
   Cr Bank        20,000  

Payment Received:

Remaining payment = 95,000

Dr Bank        95,000  
   Cr Accounts Receivable  95,000  

Summary

• Total Revenue = 1,00,000
• Total Expenses = 60,000
• Profit = 40,000

Please note that we are not accounting consultants and do not possess precise information regarding the nature of your business. Therefore, some answers provided may not align perfectly with your specific business. It is essential to consult with your auditor for accurate guidance. Khata Business Academy or any instructor cannot be held responsible for any issues that may arise.

Ani income tax act le chai yesko barema k bhanxa? can we book that income without bill generated?, ashar end ma vat bill katne ki tour finish bhayepachi katne? Please CA sir haru lai sodhera answer dinus na ChatGPT ko source teti thik lagena malai chai.

Tour starts before year end so, service has been initiated. Income for the tour service should be recognized as and when it is earned, not when cash is received.

1. Entry for advance:

Bank/ Cash Dr 5,000

To customer A/c  Cr 5,000

2. Entry for sales bill (Ashad end)

Customer A/c Dr 66,667

To Sales  Cr 66,667

3. Entry for sales bill (Shrawan 10)

Customer A/c Dr 33,333

To Sales  Cr 33,333

4. In shrawan, when you receive the full payment

Bank/ Cash Dr 95,000

To Customer Cr 95,000

MUST READ:

1. Use of ChatGPT:
   While ChatGPT is used to verify grammatical errors and calculations, it does not imply that the answer is unchecked by an instructor.

   
   

2. Validity of Accounting Entries:
   Accounting entries must be made only after issuing valid invoices, receipts, or supporting documents. Entries without proper documentation are considered invalid.

   
   

3. Disclaimer:
   We are not accounting consultants and do not possess precise information regarding the nature of your business. Some answers provided may not align perfectly with your specific requirements. It is highly recommended to consult with your auditor for accurate guidance.

   
   

   Khata Business Academy Pvt. Ltd or any instructor cannot be held responsible for any issues that may arise.