Membership fees
This query is : Resolved
Ashish Chaurasia
(Querist)
17 April 2012
Hii freinds..
Can u tell me the accounting treatment of Lifetime Membership fees received by a charitable Trust...?
Plz reply
Its urgent..
Can u tell me the accounting treatment of Lifetime Membership fees received by a charitable Trust...?
Plz reply
Its urgent..
Durgesh Laddha
(Expert)
17 April 2012
Cash\Bank a\c Dr.
and credit to fees account
Cash\Bank a\c Dr.
and credit to fees account
ca cs shriyans jain
(Expert)
18 April 2012
I agree with the experts say.
Ashish Chaurasia
(Querist)
18 April 2012
Whether the lifetme membership fees should be shown in Income & Expenditure A/c...?
CA Himanshu Sharma
(Expert)
18 April 2012
it should be shown in corpus account in balance sheet not in I/E a/c
CA Rakesh Goenka
(Expert)
18 April 2012
agree with above expert
20 April 2012
Membership Fee is never for corpus of the Trust. If the bylaws provides then yes otherwise it is a revenue receipt. Only donation is for specific purpose say for construction of building or hospital or anything else. Credit Life Membership Fee and transfer the same on yearly basis by estimating the number of years and pass a resolution it it is not in the bylaws.
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