Accounting query
This query is : Resolved
CA Abhilash Jain
(Querist)
07 July 2014
A individual paying an 561000 entrance fee for a club membership, which gives the company a lifetime rights to use the club facilities (no expiration).
membership fees is not refundable....
plz tell me the treatment in books of account for individual....?????
membership fees is not refundable....
plz tell me the treatment in books of account for individual....?????
CA Parul Saxena
(Expert)
07 July 2014
just write off the expenditure against profit if individual is doing the business.
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CA Abhilash Jain
(Querist)
07 July 2014
thanx CA Parul Saxena....
should i treat this as intangible asset...n amortise it ?
should i treat this as intangible asset...n amortise it ?
CA Parul Saxena
(Expert)
07 July 2014
yes you can as 'right to use club facilities'
Message likes :
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Rupesh Jain
(Expert)
08 July 2014
it is business exp. under
"subscription and member ship fee."
"subscription and member ship fee."
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