Membership fees

This query is : Resolved

Ashish Chaurasia (Querist)
Follow

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..

Durgesh Laddha

Durgesh Laddha (Expert)
Follow

17 April 2012
Cash\Bank a\c Dr.
and credit to fees account

ca cs shriyans jain

ca cs shriyans jain (Expert)
Follow

18 April 2012 I agree with the experts say.

Ashish Chaurasia

Ashish Chaurasia (Querist)
Follow

18 April 2012 Whether the lifetme membership fees should be shown in Income & Expenditure A/c...?

CA Himanshu Sharma

CA Himanshu Sharma (Expert)
Follow

18 April 2012 it should be shown in corpus account in balance sheet not in I/E a/c

CA Rakesh Goenka

CA Rakesh Goenka (Expert)
Follow

18 April 2012 agree with above expert

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

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.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now