Accountancy, asked by vachuvichu, 11 months ago

what you mean by life membership fee? ​

Answers

Answered by SAMiTUP
14

In simple words.....The definition of life membership in the dictionary is the fact or condition of being a life member.

Answered by DevendraLal
5

Life Membership Fee is a fee which is paid by anyperson who wants to secure their life.

  • Life memebership fee is either paid monthly, quarterly or yearly depending upon the terms and condition.
  • It is a capital receipt which is shown in reciept and paymnet account.
  • It is also shown in the liability side of the balance sheet.
  • It is a type of fee which any member pays once in a lifetime and they get the advantage of this through out their life.

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