Question

life membership fee received by club is show in balance sheet
(a) Balance sheet
(b) Income and expenditure account
(c) Receipts and payment account
(d) None of these​

Answer 1

Answer:

Life membership fee taken from the club members is a one time fee. Yearly fees is recorded as revenue expense. Life membership need to be shown in balance sheet.

Answer 2

The correct option is A)

The life class figure taken from the club members is a one-time figure membership.

• Monthly freights are recorded as profit charges. Life class needs to be shown on the balance distance.
• Life Class freights is capital damage and we add it to the Capital Fund on the arrears side of the Balance distance.
• We don't regard it as an income because of a life-made one-time payment and avails services all through his life.
• Life Membership Fee It isn't reckoned for as an income because a life member makes a one-time payment and avails of continuance services.
• thus, it's reckoned as Capital Damage and added to Capital Fund on the arrears side of the Balance distance.
• Life class freights entered by the club are shown in the Balance distance( arrears side). Accountancy.
• The benefactions or freights, which are mandatory to be paid to such an institution, are generally considered profit expenditure.
• For illustration, admission freights for the class as well as periodic freight both are considered profit expenditures.

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