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Chit Fund

This query is : Resolved 
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(Querist)
03 September 2010 My Friend Started a chit fund Can anyone say
What Should be the Accounting Policy ?
What should be the Revenue Recongnition ?

Chit Fund take 3 year to Complete ?
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n murali

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n murali (Expert)
04 September 2010 A Chit Fund is promoted by Foreman, who is also contributes as member of a group.The foreman gets income by way dividend from each auction as contributing member as well as commission of each auction. These becomes income of the Foreman and the accounting method shall be cash.
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