Accounting treatment of joining fees of club
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 October 2014
Dear Experts,
What would be the treatment of one time non refundable Joining fees for availing the Club Facilities. My view is since it is 1 time fees it could be included in Capital Reserve.
But our Auditor is of the view it should be treated as Income for the year of receipt.
please share your thoughts on the issue
What would be the treatment of one time non refundable Joining fees for availing the Club Facilities. My view is since it is 1 time fees it could be included in Capital Reserve.
But our Auditor is of the view it should be treated as Income for the year of receipt.
please share your thoughts on the issue
Vishnu Saboo
(Expert)
21 October 2014
since fee is not refundable, in my opinion this should be treated as income.
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