Question

Life membership fee is treated as :​

Answer 1

Life membership fee will be capitalised" treatment in income and expenditure account. The part or whole of the life membership fees is to be capitalised is added to the capital fund in the closing balance sheet. (Not to be treated in the income and expenditure account.)

Answer 2

Explanation:

Life membership fee is capitalized and added to Capital fund i.e. shown on the Liabilities side of Balance Sheet.

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