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Treatment of membership fees

This query is : Resolved 
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(Querist)
20 August 2013 Hi friends,
i am not able to treat in accounts the membership fees received by the club. it has various slab rates, customers become member by subscribing the membership and pay the fees accordingly.so how should i treat it in accounts. for e.g the memebership cost is Rs. 300000 and the term is 3 years , now the member pays in three annual installment, and uses the services accordingly. now how i should book the expense and recognize the revenue in my books
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
20 August 2013 Annual Membership fees should be part of Income & Expenditure A/c.

If any member deposited Lump Sum membership for more than one year, then all fees related to forthcoming financial year should be treated as advance income under the head of Current Liabilities in the year of receipt

Revenue should be recognized accordingly for balance year
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