Suppose a travel agency have tour package which starts form ashar 10 and end at shrawn 10 (30 days tour package). And 5% or total package amount is collected as advance which is 5,000 (the tour package price is 1,00,000) and remaining amount is received at the completion of the program. and the cost of the tour is 60,000 (2,000 per day).
In this case i have following questions:-
1. how do i book the advance that i get before the tour starts?
2. How do i book the revenue at Ashar 30 (end of fiscal year ). on this day my expenses would be 40,000 (2000 per day) and advance i received would be 5,000 ?
3. After the completion of package how do make entry for final entry ?
* The amount is for each pax.