The fees are collected only once at the time of admission of a member, hence Entrance Fees should be treated as 'Revenue Receipt'.

Related MCQs

• Entrance fees, unless otherwise stated, is treated as: Sol:
• The amount of Entrance Fees received regularly by a Not-for Profit Organisation is shown in which of the following:
• Entrance fees are generally
• The fees received from life members is not a periodic subscription, hence are to be capitalized
• Entrance fee, unless otherwise stated, is treated as—
• Life membership fees received by a club is treated as
• Amount received from the proprietors as capital or loan receipt is treated as-
• Which of the following should not be treated as revenue expenditure?
• At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred to:
• A revenue that is collected before it has been earned is called