Question:
Life membership fee is :
Life membership fee is :
Updated On: Mar 12, 2025
- Credited to Receipt and Payment A/c
- Debited to Income and Expenditure A/c
- Taken as liability in Balance sheet
- Taken as asset in Balance sheet
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The Correct Option is C
Solution and Explanation
The correct option is (C) : Taken as liability in Balance sheet
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