Paid Tuition Fee of the Son Journal Entry

Journal Entry For The Payment Of Tuition Fees From Student’s Parents To Educational Institution

When the parents paid tuition fees (e.g. Rs. 70000) to school, college, university or any educational institution for their students, then from the point view of parents, following entry is recorded as shown below:

                                                                    Tuition Fees Expense a/c  70000

 

                                                                                                              Cash a/c / Bank a/c  70000

 

                                                                                   (Tuition Fees Paid)

 

From the point view of education institution, it is a direct revenue. So, these institutions record the following journal entry as shown below:

                                                                        Cash a/c / Bank a/c  70000

 

                                                                                                            Tuition Fees Received a/c  70000

 

                                                                                     (Tuition Fees Earned)

 

A student, himself, may also paid tuition fees if he is earning money during his studies.

So, tuition fees is an expense for the parents to pay to school while for school, it is a direct revenue. Tuition fees expense and revenue, both are recorded in Income Statement for the period.