Question

how do you treat the life membership fee​

Answer 1

Answer:

Treatment of life membership fee

If a member who has paid life membership fee dies before the whole amount paid by him has been transferred to income and expenditure account, the balance should be transferred to capital fund account on the date of death.

Answer 2

Answer:

Treatment of life membership fee

The amount of life membership fee is initially credited to a special fund account. Each year an amount equal to annual subscription is credited to income and expenditure account till the amount in special fund is fully exhausted.

Explanation:

This is the answer.