Entrance fee is shown on which side of income and expenditure account?
During an year, a club received Rs 1,00,000 as entrance fees. According to the policy of the club, 40% of the entrance fees is to be capitalized. What amount shall be entered in Income & Expenditure account.
A non-profit organization received Rs. 10,000 as the entrance fee of a new member. If 20% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account?
Where we show entrance fees in the Balance Sheet?