Dear Members,
I wanted to know, if it was possible to to write off Life Membership Fees received by a Club over a period of years? What would be the basis of such deferral? If Not possible, then why not? Presently such Fees is credited to the Corpus.
Hybrid System of Accounting
What I understand about the hybrid system of accounting is Expenses are booked on accrual basis and Income are booked on Cash basis.
Currently what type of entity is using such type of accouting.
CAclubindia
