Question

(1) Life membership fees is paid once in the life time. true or false give reason
Ans.​

Answer 1

Answer:

True

Explanation:

Life Membership Fees is a capital receipt and are added to the Capital Fund on the liabilities side of the Balance Sheet. It's not accounted as an income because a life member makes onetime payment and avails services all through his life.

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Answer 2

True and it should be capitalised