Question

explain treatment of life membership fee in income and expenditure account​

Answer 1

Answer:

Each year a fixed proportion of this amount is credited to Income and Expenditure Account. If a member who has paid life membership fee dies before transfer of whole amount to Income and Expenditure account, the balance is transferred to capital fund account on the date of death.

Answer 2

$\huge{\underline{\underline{Answer→}}}$

Each year a fixed proportion of this amount is credited to Income and Expenditure Account. If a member who has paid life membership fee dies before transfer of whole amount to Income and Expenditure account, the balance is transferred to capital fund account on the date of death.