Which of the following statements are true in case of entrance fees?

Life Membership Fees

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Entrance Fees

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Subscription

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None of these

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Solution

The correct option is B
Entrance Fees

All the above statements are true relating to entrance fees

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Similar questions

Explain the following terms : Entrance fees, Legacy, Specific donations, Subscription.

Q. How is Entrance Fees dealt with while preparing the final accounts for the year ended 31st March, 2018 in each of the following alternative cases?

Case I During the year ended 31st March, 2018, Entrance Fees received was ₹ 1,00,000.

Case II During the year ended 31st March, 2018, Entrance Fees received was ₹ 1,00,000.Out of this , ₹ 25,000 was received from individuals whose membership is not yet approved.

How will you deal with the Entrance Fees while preparing the final accounts of New Delhi Sports Club for the year ended 31st March, 2017 in each of the following cases:

Case 1. During the year 2016-17, Entrance Fees received Rs
1,20,000.

Case 2. During the year 2016-17, Entrance Fees received Rs 1,20,000. It is the policy of the club to treat the Entrance Fees as ' Revenue Receipt'.

Case 3. During the year 2016-17, Entrance Fees received Rs 1,20,000. It is the policy of the club to treat the Entrance Fees as 'Capital Receipt'.

Case 4. During the year 2016-17, Entrance Fees received Rs 1,20,000. According to the policy of the club, 30% of the Entrance Fees is to be capitalised.

How is the entrance fees treated In the case of an NPO?

Q. Which of the following is correct treatment of life membership fees received by non-profit organization ?

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Which of the following statements are true in case of entrance fees?

The correct option is B Entrance Fees All the above statements are true relating to entrance fees

The correct option is B
Entrance Fees

All the above statements are true relating to entrance fees