How life membership fee and entrance fee are recognized in the books of accounts? (a) At the

Question:

How life membership fee and entrance fee are recognized in the books of accounts?

(a) At the present value of the fee so received.

(b) These are to be shown as revenue in the year in which these are received.

(c) These are to be capitalized by adding to capital fund or capital reserve.

(d) These are to be apportioned over ten years’ period.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

See More Books

Question Posted: Dec 15, 2023 11:39 PM

See More Questions

YESUCAN COMPANY in the Philippines. (the Company) was registered with the Department of Trade and Industry (DTI) on January 1, 2021 and is primarily engaged in the business of buying and selling of...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
Maxine King ( sole director and sole shareholder) of Gold Coast Souvenirs Pty Ltd made an appointment to speak to Jessica Jones ( Partner in Griffith Insolvency) in early July last year to discuss...
Identify and then briefly explain the eight general audit procedures used to gather evidence. Next, please provide an example for each of the eight procedures?
A current I = 15 A is directed along the positive x-axis and perpendicular to a magnetic field. A magnetic force per unit length of 0.12 N/m acts on the conductor in the negative y -direction....
datasets: https://drive.google.com/file/d/1nMT87jByEa3w7neuVJefcdxT9q_6Tdg2/view?usp=share_link https://drive.google.com/file/d/15lgjJx1X-z-k3bw1YrV7u7TCNqmxUUq6/view?usp=share_link...
How does one calculate the break-even point in units?
Read Appendix 9-1. Referring to Exhibit 9-14 and related notes, assume instead that Toyozas inventories were costed using the FIFO method and that Lincoln Enterprises employed the LIFO method....
Bramble, Ltd. manufactures shirts, which it sells to customers for embroidering with various slogans and emblems. The standard cost card for the shirts is as follows. Standard Price Standard Quantity...
Revenue recognition in case of construction contracts is governed by (a) Cash basis of revenue recognition (b) Accrual basis of revenue recognition (c) Percentage of completion of work (d) None of...
In case of sale on approval basis when should revenue be recognized? (a) When goods have been delivered to customer. (b) When buyer has accepted to purchase or time for buyers response has expired....
The Data Protection Act 1998 contains eight data protection principles which are designed to ensure data is properly handled. The data protection principles are listed on page 257. Required...
Using a ruler and set squares only, construct the following shapes: a. b. c. d. 5cm 5cm
The marketing department has just forecast that 10,000 units of item 778 will be ordered in the next fiscal year. Based on the marketing department's forecast and noting that the seasonal relative...
Following are interaction plots for three data sets. Which data set has the largest interactions? Which has the smallest? A B C
From your local chamber of commerce, obtain the population figures for your city for the years $1980,1990,2000$, and 2010. Find the rate of growth for each period. Forecast the population of your...
A mass $m$ is attached at the midpoint of a stretched wire of area of cross-section $A$, length $l$, and Young's modulus $E$ as shown in Fig. 13.29. If the initial tension in the wire is...
Given the matrix A below, use the extended echelon form of A to answer each part of this problem. In each part, find a linearly independent set of vectors, S, so that the span of S, (S), equals the...
Listed below are common types of current liabilities, contingencies, and commitments: a. Accounts payable b. Bank loans and commercial paper c. Notes payable d. Dividends payable e. Sales and excise...
To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the...
A borrower has two alternatives for a loan: (1) Issue a $240,000, 60-day, 8% note or (2) Issue a $240,000, 60-day note that the creditor discounts at 8%. (a) Calculate the amount of the interest...
A borrower has two alternatives for a loan: (1) Issue a $240,000, 60-day, 8% note or (2) Issue a $240,000, 60-day note that the creditor discounts at 8%. (a) Calculate the amount of the interest...
Fig 1. Rolling a 4 on a D4 A four sided die (D4), shaped like a pyramid (or tetrahedron), has 4 flat surfaces opposite four corner points. A number (1, 2, 3, or 4) appears close to the edge of each...
I just need help with question #4 please! Thank you! Windsor Manufacturing uses MRP to schedule its production. Below is the Bill of Material (BOM) for Product A. The quantity needed of the part...
(25) Suppose that we have an economy consisting of two farmers, Cornelius and Wheaton, who unsurprisingly farm corn c and wheat w, respectively. Assume that both farmers produce their crop of choice...

How life membership fee and entrance fee are recognized in the books of accounts? (a) At the

Question:

Step by Step Answer:

c These are to ...View the full answer

Financial Accounting

Students also viewed these Business questions