Homework Answers
1) Entry on 31st Oct for Income received in advance
Cash A/c Dr 6,360,000
To Income Received in Advance/ Unearned Income Cr 6,360,000
(Being Income received in Advance in cash)
2) Income Received in Advance/ Unearned Income Dr 1,590,000
To Income from Concert show A/c 1,590,000
(Being 1/4 Revenue earned from the Income received in Advance)
Note: Income from concert show A/c is a P&L Account
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