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متابعة

Life membership fees received by a club is treated as ?

<p><strong>a) Revenue receipts</strong><strong>b) Capital receipts</strong><strong>c) Assets</strong><strong>d) Special receipts</strong></p>

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تم إضافة السؤال من قبل VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
تاريخ النشر: 2014/11/14
مستخدم محذوف‎
من قبل مستخدم محذوف‎

Answer B is correct

Malik Khalid Mahmood
من قبل Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

Its Revenue Receipt but unearned

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
من قبل VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Generally, the members are required to make the payment in a lump sum only once which enables them to become the members for whole of the life. Life members are not required to pay the annual membership fees. As 'life membership fees' is a substitute for 'annual membership fees', therefore, it is desirable that life membership fees should be credited to a separate fund and fair proportion be credited to income in subsequent years. 

Unless there is a specific decision by the Club to what proportion be treated as income then whole of it should be treated as capital receipt.

Ednalyn Banuelos, CMA
من قبل Ednalyn Banuelos, CMA , Projects Accountant , Grade Ref., LLC

A

georgei assi
من قبل georgei assi , مدير حسابات , المجموعة السورية

The correct answer is A

Vinod Jetley
من قبل Vinod Jetley , Assistant General Manager , State Bank of India

a) Revenue receipts

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